Last updated on April 17, 2014 at 1:21 EDT

3VR’s CrimeDex Expands to Six Continents to Combat Financial Crime Internationally

November 1, 2011

Criminal Investigation Collaboration Network Joins Forces with International Association of Financial Crimes Investigators

SAN FRANCISCO, Nov. 1, 2011 /PRNewswire-USNewswire/ — 3VR, the video intelligence company, today announced that the CrimeDex online collaborative network of more than 3,000 fraud, loss prevention and law enforcement professionals has partnered with the International Association of Financial Crimes Investigators (IAFCI), a network of financial crime fighting professionals with approximately 4,500 members on six continents, to allow financial crime investigators across the globe to combat crime internationally.

CrimeDex is a criminal investigation collaboration network that allows law enforcement and business communities to share business-related crime information. Alerts are created and sent to the CrimeDex network to identify criminals wanted for a variety of crimes from check fraud to shoplifting to more serious violent offenses. All data within CrimeDex is user-shared and authorized and owned by the person or company that inputs the data.

IAFCI members will be able to share crime data with law enforcement professionals, financial crime and regional fraud investigator groups, organized retail crime associations and bank associations across international borders and within their respective countries.

Indeed, financial fraud is an international business. The U.S. Secret Service reports $8.5 billion in annual U.S. credit card and debit card fraud losses. Automated teller machine skimming alone accounts for $1 billion in losses in the U.S. and has increased more than 68 percent in Europe. Moreover, total credit and debit card fraud losses in the United States were up 10 percent last year and total global card losses have risen almost every year since 1994, according to a September 2011 study from The Nilson Report. As international financial crime grows, rapid and effective information sharing holds the key to combating criminals.

“The addition of the IAFCI makes CrimeDex the largest financial crime sharing network in the world,” said Jim “Gator” Hudson, CrimeDex founder and vice president of CrimeDex services for 3VR. “Criminals operate without regard for state or international borders, crossing into multiple jurisdictions. By knocking down the old silos of information that didn’t traditionally collaborate, CrimeDex helps law enforcement and fraud and loss prevention professionals stay one step ahead.”

CrimeDex was previously available only to users in the United States and Canada. Users in all countries with an IAFCI membership presence are now able to use all CrimeDex features available to American and Canadian users.

“Today’s partnership with CrimeDex will be the foundation for worldwide sharing of financial crime information,” said Luke M. Lukashunas, international secretary of IAFCI and officer at Rockledge Police Department. “I have found CrimeDex invaluable in developing leads and networking with law enforcement and other investigators. I expect IAFCI members will see similar results.”

The International Association of Financial Crimes Investigators (IAFCI) is a non-profit global association that provides services for networking, training, and information sharing within which information about financial fraud, fraud investigation and fraud prevention methods can be collected, exchanged and taught for the common good of the payment industry, law enforcement, and our global society. IAFCI counts individual members around the globe and in every major continent. IAFCI members are about one third law enforcement, one third banking and one third retail, coming from all levels of law enforcement, the payment card industry, financial institutions, the insurance industry, the car rental industry, mail order businesses, airlines, telecommunications, the petroleum industry, etc. All entities involved in the security of financial transactions are involved in IAFCI’s effort to safeguard the world’s economy through teamwork.

About 3VR
3VR, the video intelligence company, enables organizations to search, mine and leverage video to bolster security, identify and mitigate fraud and better serve customers. 3VR’s Video Intelligence Platform (VIP) allows video surveillance systems to reach their true potential and deliver a measurable and sustainable return on investment. 3VR is the video surveillance standard for hundreds of global customers, including leading banks, retailers, governments and law enforcement agencies and owns CrimeDex, an online community of more than 3,000 fraud, loss prevention and law enforcement professionals dedicated to stopping crime. Based in San Francisco, CA, the company is privately held with funding from DAG Ventures, Focus Ventures, In-Q-Tel, Kleiner Perkins Caufield & Byers, Menlo Ventures and VantagePoint Ventures. 3VR is one of the fastest growing U.S.-based private companies, according to Inc. magazine. In addition, the company has won numerous other accolades including a 2011 Security Products Magazine product of the year award. For more information, please visit www.3vr.com.


Source: PR Newswire