The Globe and Mail reports in its Wednesday edition that Canada's major banks and telecoms are launching a platform to share intelligence on fraudsters targeting consumers and institutions. The Globe's Alexandra Posadzki writes that the Cross-Sector Anti-Fraud Exchange will be operated by EnStream LP, an identity-verification company owned by Canada's three largest wireless carriers. The initiative began with a pilot project between CIBC and Rogers. Since then, several other big banks -- RBC, BMO, Scotiabank and National Bank -- as well as Desjardins have signed on. BCE and Telus are also participating. EnStream president Upinder Saini said the initiative started with the realization that the same fraudsters were targeting multiple companies, for instance by opening accounts at multiple banks and telecoms. "The goal is, let's eliminate or minimize that repeat fraud across organizations," Mr. Saini told The Globe. The initiative aims to curb the significant outflow of hundreds of millions annually from the Canadian economy to fraudsters, often linked to organized crime. Mr. Saini said the platform complies with Canadian privacy laws because it's limited to confirmed fraudster intelligence; victim data are not shared.