International Banks in Study Call for Co-Operation to Combat Fraud

First Data International, a global leader in electronic commerce and payment services, today announces the findings from a study of banking fraud in Europe, Middle East and Africa. Fraud experts from 52 banks across the region call for greater co-operation in the fight against fraud while acknowledging the significant barriers that stand in the way of collaboration.

Commissioned by First Data International and carried out by Olive Insight, an independent research firm, the study explores the experiences and opinions of senior fraud experts in relation to ATM, POS, online banking and card not present (CNP) fraud.

Jackie Barwell, director of fraud management, Europe, Middle East and Africa, First Data International, comments: "The fraud experts participating in our study clearly recognize that fraud is a global phenomenon, demanding a global response. At the same time, it is a sensitive subject for banks concerned about reputation, competitiveness and profitability. Banks acknowledge the importance of working together and with other agencies to combat fraud, but they are not yet sharing data at a level that will make a real difference to the struggle.

"First Data is committed to supporting our clients around the world in the fight against fraud. We are very active globally today, working with banks and merchants to implement the most up-to-date fraud solutions. Members of our Fraud Working Group are located across Europe, Middle East and Africa to ensure that they have a deep understanding of frauds operating at a local level, and can apply our global fraud management capabilities to the benefit of our clients.

"We are also taking steps to address the problems associated with the sharing of information across the industry. This becomes increasingly important as the introduction of a Single Euro Payments Area (SEPA) in Europe will increase cross-border payments, and so accelerate the need for multi-national databases to fight fraud. At a meeting held in Vienna earlier this month, clients gave us overwhelming support for an initiative to promote cross-border co-operation, and we are now actively engaged in seeking solutions that will enable the industry to collaborate as effectively as the fraud architects do today."