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RBS to Help Police Fight Cyber Crime

In a bid to fight cyber crime, the Royal Bank of Scotland is to help City of London Police with free training and advice.

The bank will share financial, legal, and cyber knowledge under an agreement to be announced this week.

Back in March, a survey by PricewaterhouseCoopers revealed cyber crime is the second most common type of economic crime reported by financial services, and last week RBS announced it had set aside £400m to cover potential fines for manipulating currency markets. The bank warned that further charges for past misconduct would continue to hit its profits.

The cooperation agreement forms part of a police drive to crack down on financial crime in the UK, which is expected to cost the economy more than £73bn in 2014.

City of London Police has said that bank employees will not be involved with any police operations.

According to statistics released from internet safety initiative Get Safe Online in October 2014, the top 10 internet-enabled frauds in the past year cost the UK £670m.

Financial crime is becoming increasingly cyber-enabled with criminals targeting banks and other financial computer systems in order to steal data later used to commit fraud.

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