The British Bankers’ Association (BBA) and City of London Police have announced plans to train bankers in how to identify and tackle cyber crime.
Banks in the capital have been working closely with the City of London Police to stop cyber criminals stealing from customers, saving them £173.9 million over the last nine months.
With the new agreement, the organisations aim to create a virtual “ring of steel” around the City of London, which is a reference to the physical security around the UK’s financial centre.
Commmissioner Adrian Leppard of the City of London Police, said: “In 2014, serving the country as the national policing lead for economic crime, the City of London Police is focusing on the rapidly evolving and expanding threat of fraud and cyber crime.
“The next logical step for us to take is to create a ‘virtual ring of steel’ around what is the financial engine room of the UK. The way we are going to do it is by teaming up with City workers and sharing our experience and expertise with the banks that are now the target or being used as a facilitator for organised crime.”
Under the partnership, a global centre of excellence that will help train banks from around the world, would be set up. The centre would run training workshops on subjects such as the latest threats and techniques used by cyber criminals to commit fraud, bribery and corruption.
Between 1 April and 31 December 2013, the City of London Police’s National Fraud Intelligence Bureau (NFIB) provided alerts to banks that led to the identification of 20,000 accounts that were at risk of, or being used to take money from victims. Once an alert is issued, the banks take steps to close these accounts to prevent or reduce the level of theft and related harm.