Amalgamated Bank - How Financial Institutions Can Help Curb Gun Crime
The Global Alliance for Banking on Values has been shocked and appalled by the recent mass shootings in the United States. Only through a call to action, will these situations cease to exist.
GABV member Amalgamated Bank has recently been featured on CBS News about how financial institutions can help curb gun crime. CEO of Amalgamated, Priscilla Sims Brown says "We have an obligation to address crime that is being facilitated through our system."
Amalgamated bank is the country's oldest socially responsible bank. Priscilla claims that so much illegal gun activity depends on individuals' ability to use the financial system to buy guns. Amalgamated's urge to do good and curb gun crime came from a realization that some of the deadliest mass shootings are being financed by credit cards. This has been discovered in mass shootings in 2012, 2016, and 2017. Amalgamated has made it its mission to run software to detect suspect purchases, in the same way, it detected other suspicious activities like fraud and human trafficking.
"Where there may be gun sales, that are intended for black markets, where we see patterns of gun purchases being made in multiple gun shops, there are algorithms that can be written, and we can provide that information to the authorities to investigate." - says Priscilla.
Watch the full video, and see how Amalgamated is combating gun crime.