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Brazil's biggest banks align with federal police to fight cybercrime

Brazilian banking industry association Febraban and the country's federal police Feb. 26 signed an agreement to work together to combat electronic fraud crimes.

In a statement, the association said banks will share information and use the latest technologies to fight electronic crimes and ensure the security of electronic financial transactions. The agreement also regulates procedures banks must follow to report crimes to the federal police.

The agreement broadens information sharing and increases the number of institutions participating under an anti-fraud program that was first initiated in 2009 between the financial system and the police.

Fourteen banks signed the agreement: Banco do Brasil SA, Banco Bradesco SA, Itaú Unibanco Holding SA, Banco Santander (Brasil) SA, Banco Agibank SA, BRB-Banco de Brasília SA, Banco da Amazônia SA, Banco do Estado do Rio Grande do Sul SA, Banco do Estado de Sergipe SA, Banco Neon SA, Banco Inter SA, Banestes SA - Banco do Estado do Espírito Santo, Banco Original SA and Sicredi Participações SA.