RBC CEO calls for more collaboration to combat payment fraud

LONDON, Jan 20 (Reuters) - Royal Bank of Canada's RY.TO CEO said on Tuesday banks needed to work much more closely with big tech companies on combating fraud, with most of it emanating from a couple of technology platforms.

The fraud was "a significant problem", David McKay told an event at the World Economic Forum in Davos. RBC is spending $500 million a year on cyber defence, an amount that is growing double-digits annually, McKay added.