MONDAY NEWS: UK data watchdog – financial institutions should share more personal info to tackle scams

BY PAUL O’DONOGHUE, Senior Correspondent

THE UK’s Information Commissioner’s Office (ICO) has called on businesses to share more personal data responsibly to counteract scams and fraud.

In new guidance released during International Fraud Awareness Week, the #ICO clarified that data protection laws, including the UK #GDPR, do not prevent organizations from sharing personal information if they do so in a responsible, fair and proportionate way.

The advice targets banks, telecom providers, and digital platforms. It said increased data sharing between these types of businesses could help identity fraud and reduce scams.

‘For example, organizations may wish to explore sharing personal information with banks to identify users who are likely to have been exposed to a scam on their services,’ the ICO said.

‘Timely sharing of this data could help banks to assess the risk and ensure extra checks are in place to prevent fraud.

The ICO said companies should take seven steps when considering whether to share data with another business.

The below steps when seeking to share data:

1?: Carry out a Data Protection Impact Assessment (DPIA)

2?: Be clear about responsibilities

3?: Set up data sharing agreements

4?: Identify a lawful basis

5: Understand the type of information being shared

6: Comply with the data protection principles

7: Respect people’s rights

Further details of what is involved in these steps is available HERE.

Stephen Almond , the ICO’s Executive Director for Regulatory Risk, said: “Scams and fraud cause serious emotional and financial harm.

Responsible and effective data sharing is essential to prevent these crimes before they occur. Data protection law is not an excuse—it supports sharing that protects people.” He assured organizations acting in good faith that the ICO would consider this in its regulatory responses.

Nick Sharp, Deputy Director of Fraud at the National Economic Crime Centre, praised the guidance as a tool for enabling data sharing between private and public sectors. “Together, we are working to disrupt and prevent fraud while holding criminals accountable,” Sharp stated.

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ANNOUNCEMENT: Dates for fast-growing European Anti-Financial Crime Summit confirmed – Dublin, May 7

‘EUROPEAN Anti-Financial Crime Summit 2025′ (EAFCS 2025), hosted by AML Intelligence, is set to return to Dublin on May 7 next, it’s been confirmed.

EAFCS is a key platform for top executives from banks, financial institutions, tech companies, regulators, and policymakers to discuss the most pressing issues in anti-financial crime.

The summit, which has become one of the most significant events on the European calendar, offers attendees the chance to hear from high-profile speakers and network with influential decision-makers in the field.

Join 900 Delegates from across the globe. Registration is now open HERE. Early Bird Rates now available.