Fighting Financial Crime: Collaboration, Data & Ecosystems | Jamie Renehan, Bank of Ireland

Jamie Renehan, Bank of Ireland discusses the growing need for collaboration between both traditional financial institutions and neobanks in the fight against fraud and financial crime and points to a recent proposal suggesting that banks could share data through a centralised database to better detect and prevent fraud patterns that cut across the industry.

He acknowledges the legal and privacy challenges associated with data sharing but notes that legislative changes are being explored to make this kind of collaboration more viable, with the idea rooted in the understanding that financial crime doesn’t stop at between borders as criminal activity might begin in Ireland and extend across Europe, making continent-wide cooperation essential.

Bank of Ireland also stresses that fraudsters aren’t constrained by ethics or legacy systems as they move just as quickly, adopting advanced and emerging technologies without hesitation. For this reason, banks now have to work with vendors and partners who can provide cutting-edge tools, technology and insights and according to Renehan, the value of these partners goes beyond just software as they bring perspective from working with global banks, allowing them to identify shared challenges and translate solutions across global markets.

Renehan underlines the importance of strong, secure and collaborative ecosystems, whether it’s through shared data or shared knowledge, banks need to lean on each other, and their partners, if they want to stay ahead of evolving threats.