The European Banking Federation (EBF) and Europol’s European Cybercrime Centre (EC3) have signed a Memorandum of Understanding (MoU) to increase cooperation in the European Union between law enforcement and the financial sector.
This MoU will permit the exchange of expertise, statistics, along with other strategic information between both parties. Furthermore, facilitating the exchange of data on threats to enable financial institutions to protect themselves, whilst the immediate reporting of new malware and evolving means of payment fraud allows law enforcement to investigate and arrest the clever and ‘tech-savvy’ perpetrators.
Troels Oerting, head of EC3 said: “Today marks an important day for both EU law enforcement and the banking industry. We have agreed to intensify mutual cooperation, respecting relevant national legislation, to jointly enhance our ability to prevent, prosecute and disrupt cybercrime against the financial sector.
“This is more than a ceremonial gesture – this is the establishment of a trusted relationship aimed at achieving tangible results that will make life more difficult for criminals and life easier for the banking sector and all of us who use these important services.”
Wim Mijs, chief executive of the EBF said: “Our members already cooperate intensely with their own national police authorities in order to fight with financial cybercrime. Our partnership with Europol now adds a European dimension to this important work. International cooperation between banks and law enforcement bodies is essential because it is clear that criminals know no borders.”
Moreover, in the UK, the British Banking Association and technology partner BAE Systems Applied Intelligence are to launch a Financial Crime Alerts Service (FCAS) which will use real-time intelligence from 12 partner agencies and Government bodies, including the National Crime Agency.
Anthony Browne, the chief executive of the BBA, said: “This alerts system is a powerful new weapon against fraudsters, cyber criminals and other crooks intent on stealing our customers money”. Receiving real time alerts from such domestic and international bodies, including the National Crime Agency and 11 other government and law enforcement agencies, will be vital intelligence for the army of staff banks who have already hired to combat these threats. This service is a shining example of how banks and government can work together to benefit all customers.”
Donald Toon, director of the economic crime command at the National Crime Agency, said: “Collaboration between law enforcement and the private sector is key to reducing the impact of economic crime. Alerts to the industry are a key part of this and I welcome the BBA’s work in this area.”