Europol and Banks Join Forces to Fight Cybercrime

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 cyber criminals, according to a recent article published on the Business Insider’s website. The article indicates that the “increasingly sophisticated” threats have prompted them to “join forces” and has caused aggressive efforts by these entities to make 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. The Royal Bank of Scotland and other UK banks have been the victims of “serious attacks by hackers that have disrupted systems“, according to the Business Insider.

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.” These frequent attacks most often involve cyber criminals directly causing website disruptions, fraudulent credit card activities, and “attempts to infiltrate systems to steal money“, according to the report. This partnership agreement will allow the EBF and EC3to exchange know-how, statistics and strategic information” and work closely together as one unit to widen the fight against cyber crime across the European arena.

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

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