Dutch banks get green light to share information on fraudsters with each other

The Dutch Data Protection Authorities (AP) issued a license to over 160 Dutch banks and financial institutions to share the personal information of fraudsters with each other, providing they follow a strict protocol by the AP.

Fraudsters often have accounts in multiple institutions. Banks and insurers can warn each other of fraudsters by exchanging information.

“Banks and insurers are only allowed to share information if they have a license and stick to the PIFI”, AP board member Katja Mur said. The PIFI is a strict procedure banks need to follow when they want to share information. “The AP can revoke the license at any time if the business does not stick to the protocol”, Mur said.

There will not be a black list with people’s names on it. For every question, the institutions have to determine if sharing the information is justified.

Financial institutions will still be responsible for storing their client’s information. Clients are allowed to know if they are registered as a fraudster and have the right to file a complaint against the registration.