Canada’s major banks and telecom providers are joining forces through a new platform designed to help identify repeat fraud across institutions.
Launched this week, the Cross-Sector Anti-Fraud Exchange (CSAFE) was developed by EnStream following a pilot involving CIBC and Rogers. Founding participants include Bell, BMO, CIBC, Desjardins, National Bank, RBC, Rogers Communications, Scotiabank and TELUS.
The initiative aims to close gaps criminals exploit between industries. Financial institutions have visibility into money movement, while telecom providers have insight into the devices behind it. By connecting those perspectives, CSAFE is designed to help participants recognize fraud that might otherwise go undetected within an individual organization.
Participants contribute confirmed fraud intelligence, which EnStream aggregates, standardizes and enriches. Each institution independently incorporates the resulting intelligence into its own fraud controls, including checks during account opening, authentication and transactions.
“A collaboration like this is only as strong as the platform behind it,” said Upinder Saini, president and CEO of EnStream.
Saini said the company plans to strengthen the platform’s capabilities with AI and machine learning as the exchange grows.
EnStream, a joint venture owned by Bell Mobility, Rogers Communications and TELUS Communications, operates the exchange.
CSAFE is available now, with additional financial, technology and other institutions invited to join. The initiative is intended to expand beyond its founding group, giving participants a broader view of confirmed fraud across sectors.
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