09 March 2009 Company Announcements

 

Co-op goes with Norkom for multi-channel fraud solution

Co-operative Financial Services has selected Norkom Technologies' enterprise-wide Multi-Channel Fraud solution for its entire UK operations.

The software will to be deployed across The Co-operative Insurance, The Co-operative Investments, The Co-operative Bank and smile, the first internet bank in the UK. It is currently being incorporated by The Co-operative Bank and smile in a Faster Payments environment. The Faster Payments Service, which was launched in the UK in May 2008, enables near real-time electronic payments.

"Risk management has always been a priority for us," said Tony Britten, director of financial crime management at Co-operative Financial Services. "With the wider use of more sophisticated forms of fraud, we are committed to maximising customer security. To protect all our customers, we use a range of strict security measures. Norkom's Multi-Channel Fraud solution provides CFS with enterprise-wide, real-time, multi-factorial fraud prevention across all our channels and business units, reducing our exposure to the risk of fraud."