British mobile bank Monese has officially become a member of the Credit Industry Fraud Avoidance System (CIFAS), the UK’S largest cross-sector fraud sharing organisation.
The collaboration with CIFAS will enable the British challenger bank to counter the financial fraud.
Additionally, the mobile only bank is building an in-house team of data scientists to develop innovative artificial intelligence (AI) capabilities to catch financial crimes automatically, without any human monitoring or intervention.
Monese founder and CEO Norris Koppel said: “Protecting our users and ensuring we take every step possible to end financial crime has been of the upmost importance to use since we began, and we’re extremely pleased to announce our partnership with CIFAS.
“To be able to contact fellow banking services and share thoughts and insight into fighting cyber-crime is an important part of the process. We are equally excited with the growth of our in-house anti-fraud team who are already doing a great job. We plan to invest a lot of time and energy in developing this further.”
A report by Monese says that over a third (37%) of those aged 24-35 in the UK would like to work in the cyber-security industry, which shows the importance and relevance of online security.