Watch Out Fraudsters- FinCrime is Here

WEST PALM BEACH, Fla. – The FinCrime database, which is sponsored by state bankers associations, has gone live in 10 states. The anti-crime database has been designed to be a secure information-sharing system that immediately links criminals to their acts. Each participant submits fraud data into a central repository and users can search the database of fraud incidents to find incidents that have data in common with their own cases. According to the Federal Trade Commission and the Association of Certified Fraud Examiners average fraud schemes last 18 months before being detected; officials say the anti-crime database should help shorten that time frame. Iowa bank officials who piloted FinCrime say that the new tracking and flagging tool should support fraud prosecutions and help financial institutions set up proactive fraud prevention systems that stops thieves before they strike. Although FinCrime has been designed for use by any law enforcement agency, financial institution or approved retailer only bankers are currently using the network. Officials say that it will be open to credit unions and retailers eventually. For now FinCrime database is being used in the following states: Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Ohio and Wisconsin. For more information about the database visit the Web site at FinCrime.com.