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Europol and Banks Join Forces to Fight Cybercrime

According to a recent article published on the Business Insider's website, the cybercrime unit within the European Union's law enforcement agency Europol and banks from around Europe have partnered to fight against the rise of attacks against the financial sector by cybercriminals. The article indicates that the "_increasingly sophisticated_" threats have prompted them to "_join forces_" and have caused aggressive efforts by these entities to take serious steps forward.

Cooperation between financial organizations and law enforcement agencies has gained a new level of understanding, according to the report, which promoted a memorandum to be signed by both the European Banking Federation (EBF) and Europol's European Cybercrime Centre (EC3) to "intensify cooperation between law enforcement and the financial sector." The article states that banks-like those represented by the EBF-are frequently the victims of "_sophisticated_" attacks. According to Business Insider, the Royal Bank of Scotland and other UK banks have been the victims of "_ severe attacks by hackers that have disrupted systems_. "

Keith Gross, the Chair of the European Banking Federation's IT fraud committee, was quoted in the article saying, "Banks are on the frontline in this fight every day. This type of crime evolves rapidly and becomes increasingly sophisticated." According to the report, these frequent attacks often involve cybercriminals directly causing website disruptions, fraudulent credit card activities, and "_attempts to infiltrate systems to steal money_. " This partnership agreement will allow the EBF and EC3 "_to exchange know-how, statistics, and strategic information_" and work closely together as one unit to widen the fight against cybercrime across the European arena.

Read more about this agreement between the European Banking Federation and Europol's European Cybercrime Centre in the complete article and learn how this effort will impact the entire world and associated financial organizations.

Written by Bryon Turcotte  /  September 24, 2014

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