“Although fraud analysts express interest in collaborating with their peers to identify fraud, a range of regulatory and competitive concerns hold them back. This will begin to change out of necessity in 2022, as the losses across banks (most from many of the same fraudsters) reach untenable levels. Banks lost an estimated $20B last year to synthetic identity fraud (SIF) alone, with a single SIF profile opening an average of nine trade lines at multiple banks. Simply sharing information on suspected fraudsters (which is not only legal but encouraged by FinCEN) is a highly effective means for banks to root out a range of cyber fraud. Momentum is already building, with nonprofits dedicated to information sharing and organizations such as FS-ISAC and Cifas adding new banks to their coalitions. Meanwhile, private companies are offering tools like double-blind encryption to protect consumer privacy while collaborating.”