A cohort of banks, tech and telecoms companies are embracing real-time fraud data. The data insights can analyse how fraudsters have behaved or interacted online, show suspicious URLs or transactions. As attackers’ methods multiply, this demonstrates the adverse fraud landscape which needs to be confronted by the government taking stronger leadership.
The Financial Times first reported that notable banks including Barclays, Lloyds, HSBC, Santander and Monzo signed the statement of cooperation as did Amazon, Google, Meta and telecoms operators, BT and Three.
The data sharing initiative will enter into force with a concerted effort of all the companies in the agreement. In contrast, in 2023 when a two-month trial period commenced, there was “negligible” data shared by the parties. Since then there has been the introduction of an automated system to transfer thousands of data points between the sectors.
The detection of scams is far more advanced with the cross-industry system than employing bank monitoring systems to reach scale.
