Thousands of bankers will get police training each year in how to spot scams and protect customers’ cash.
Under an agreement between the British Bankers’ Association (BBA) and City of London Police, bankers will attend training workshops that focus on the latest threats and techniques in the battle against cybercrime, such as investigating fraud, bribery and corruption.
The agreement comes after banks and the City of London Police worked closely together to prevent fraudsters and cybercriminals from stealing £173.9m from bank customers over the last nine months of 2013.
The two parties aim to create a “virtual ring of steel” around the City of London and establish a global centre of excellence that will help to train banks from around the world.
Last year, the police force’s National Fraud Intelligence Bureau shared information with the BBA, which the BBA then passed on to banks in the form of alerts.
The result was the identification of 20,000 bank accounts that were at risk of or actually being used to acquire money from victims between 1 April and 31 December 2013.
Commenting on the agreement, City of London police commissioner Adrian Leppard said: "Over the past 175 years, we have learned that the best way to keep the City streets safe is by standing shoulder to shoulder with those who live or work in the Square Mile, or who visit for leisure purposes.”
Anthony Browne, BBA chief executive, said: "Cybercrime and fraud are some of the biggest security threats that we face.
“The banks are often the first line of defence against fraudsters and criminals.
“By working together, we know we can be even more effective at combating cybercrime in order to offer even better protection to our customers."
Sally Percy is editor of The Treasurer