Financial Fraud Bureau (FFB)
Established in 2010, the Financial Fraud Bureau (FFB) leads the payments industry’s collective initiatives on fraud data-sharing. Its key roles are:
- Disseminating intelligence directly from, and to, police forces and other law enforcement organisations
- Gathering, collating and analysing the intelligence that informs the Industry Strategic Threat Management Process
- Managing the Fraud Intelligence Sharing System (FISS) database
- Issuing and receiving intelligence alerts from the payments industry and a range of other stakeholders.
Through the FFB, the industry can be alerted immediately of any known compromise of bank or card data through a series of designated Single Point of Contact (SPOCs). A memorable example was the loss of data in 2007 by the HMRC of 8.2 million bank accounts used by child benefit recipients. The FFB ensured that details of these accounts were quickly and securely alerted to all the affected banks so that customers could be protected. In another illustration, the industry co-ordinated law enforcement and supermarket security representatives – alongside banks and card schemes – to tackle a series of organised gangs, the members of which were tampering with PIN entry devices in order to obtain card details.
During 2012, the FFB:
- Held intelligence calls with bank investigators which resulted in 21 case referrals to police and 16 arrests
- Issued 380 alerts and disseminated over one million card details
- Funded forensic investigations of laptops and devices by law enforcement to obtain card and cardholder data, delivering potential savings of over £7.9 million.
On a regular basis, members share intelligence with each other, and with law enforcement, on issues such as the new scams targeting their customers and associated counter measures. This highly sensitive intelligence sharing is conducted through the trusted forum and facilitation of FFA UK. FFA UK also engages with stakeholders, including government and the telecommunications industry, to share on e crime intelligence.