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UK banks launch cyber crime portal

The British Bankers Association has unveiled a new weapon against cyber attacks, fraud, money laundering and bribery in the banking and financial sector.

The Financial Crime Alerts Service (FCAS) will gather intelligence from 12 government and law enforcement agencies.

The system, developed by defence contractor BAE Systems Applied Intelligence, goes live early next year.

The association estimates UK financial institutions spend £700 million ($1.29 billion) each year on the prevention of cyber crime.

The FCAS will share real-time intelligence with banks and other financial institutions.

It builds on a successful information-sharing arrangement between banks and the National Fraud Intelligence Bureau, which has prevented £100 million ($185 million) of fraud losses.