IMF Calls for Bank Data Sharing

The International Monetary Fund (IMF) is advocating a shift in financial crime prevention strategies, particularly urging banks to reconsider their reluctance in sharing data. A recently published Technical Note emphasizes that fragmented information weakens the fight against AI-enabled fraud.

Issued during the 2026 Spring Meetings of the IMF, this document highlights the importance for financial institutions to adopt a more proactive stance against digital fraud by combining and sharing private information. The paper identifies banks’ hesitance in data exchange as a significant barrier to combating such crimes effectively.

AI’s advancements have empowered criminals with tools capable of analyzing vast datasets, thereby enhancing their ability to launch sophisticated attacks. Consequently, the IMF stresses the need for banks to adopt collaborative approaches and share more transactional and threat data across institutions.

Value of Shared Data

AI tools are particularly effective in identifying transactional anomalies when they operate within integrated systems that leverage shared datasets. APIs, standardized formats like ISO 20022, and interoperability frameworks play a crucial role in facilitating meaningful data exchanges between institutions.

Overcoming Resistance to Data Sharing

Despite the benefits of data sharing, banks face challenges such as competitive concerns and regulatory constraints. However, enhanced transparency and collaboration are seen as essential for strengthening the financial system’s ability to detect and prevent illicit activities.

Suzanne Sando, Lead Analyst of Fraud Management at Javelin Strategy & Research, notes that “data sharing and collaboration within financial institutions can help break down silos and enable better detection of fraud across different customer accounts.” This approach is crucial as AI evolves and continues to be adopted by fraudulent actors.