Banks, technology and telecoms companies in the UK have been asking regulators and lawmakers for help with sharing anonymous customer data to stop scams faster, according to a report on Thursday.
Bank fraud has cost British consumers nearly 610 million pounds ($684.4 million) so far this year, posing a threat to national security, banking lobby group UK Finance said this month.
Banks have already improved defenses against scams, but a report by Stop Scams UK and the Royal United Services Institute said complex privacy law guidelines and processes make it difficult to share data to prevent fraud.
The UK has proposed an “online safety law” to tackle harmful content online and help financial regulators crack down harder on scams.
Banks hope the bill will include clearer guidance to allow them to share anonymous customer data — those that do not identify the individual — to identify new types of scams more quickly.
“If we are to unlock data sharing at scale, we ask for proportionate and sensible changes to guidance on the interpretation of privacy law,” said Ruth Evans, president of Stop Scams UK, whose members include HSBC, Lloyds, NatWest, Barclays, TalkTalk, Meta and Google.
The risk of regulatory intervention and a lack of clarity about what is permitted by law stifles the initiative, and changes are needed to make it clear that data sharing is allowed and even encouraged, the report says.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
