May 13, 2009: Israeli domestic intelligence agency Shin-Bet has entered into an agreement with the Bank of Israel to share information. Basically, Shin-Bet will be able to analyze the operations and transactions of Israeli banks, to seek out illegal transactions or activities. The benefit for Israeli banks is that Shin Bet will also seek out fraud being perpetuated on the banks and their customers. In particular, the Banks are eager to have Shin-Bet assistance in fighting the growing number of Internet based attacks on banks and their customers.
Shin-Bet has resources that the banks, and civilian bank security firms, don't have. For one thing, Shin-Bet has cooperation agreements with foreign intelligence agencies (via Mossad, which handles foreign espionage operations.) Israel and these foreign nations, particularly those in North America and Europe, are keen on detecting terrorist or hacker operations, and this is more easily done when they are sharing information with each other, and the banks.
