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Banks and law enforcement agencies (LEAs) are working to prevent, detect and prosecute this crime.
By Salvatore Zammataro and John Austen
Hurdles they have to overcome include restrictive legislation, such as data protection, international treaties on cyber crime and fraud prosecution laws, slow communication between banks and LEAs, and the speed at which fraudsters take advantage of weaknesses in the system.
To enhance the countermeasures that banks and LEAs have deployed, we suggest the adoption of an information sharing – InfoSharing – service between national banking systems and LEAs.
This would use a “hub-and-spoke” framework, with an LEA as the hub and banks as the spokes.
Such a service would aim to shorten the time needed for banking fraud managers to communicate with LEAs and vice-versa, and to share information on fraudulent accounts throughout the banking industry.