×

Changing Fraud Landscape Leads to New Partners

By Debbie Grant, Senior Policy Lead • Visa Europe

And Piet Lakeman, Senior Policy Lead • Visa Europe

April 25, 2016

Visa Europe has always had a strong relationship with traditional law enforcement agencies. Today, we are now exploring broader ways to engage with not only other public authorities but also with the private sector. All with the aim of helping everyone become more effective when dealing with criminals targeting Visa products.

Such new partnerships are needed as the fraud landscape has changed over the years. This is due to a large increase of data compromises over the years, an increase of card-not-present fraud and, in particular, the increasingly global nature of fraud. As such, we are expanding our network of interested and influential stakeholders and strengthening collaboration with more of those authorities who can help to protect the Visa payment system.

Our aim is to maximise our chances of limiting fraud; thereby minimising reputational risk. However our targets are not just about reputational risk and fraud levels in the payment system. While these may be the more visible side of fraud, there is another aspect that most people don’t realise. It is the organised crime, human trafficking and terrorist financing that is financed by fraud. It all impacts our society. We see it as Visa Europe’s duty to ensure that we play our part in disrupting such criminal activity.

One of the newer partnership areas we focus on is the regulatory environment and its associated legislation. Our new task is to ensure that the legal and regulatory frameworks relating to electronic payments are developed in line with current payment systems and practices. That’s why we engage across the spectrum: from local government through regulatory bodies, to the European Institutions Our focus is not solely on the regulators. We also engage with law enforcement agencies and the judiciary in more complicated cross border investigations. We often provide bespoke training to help improve the knowledge of their officers.

We have also intensified the support we give to particular key law enforcement agencies, such as Europol. This has focused in close cooperation with the airline industry, our Members, and other organisations such as Interpol and Ameripol on the fight against airline fraud. In 2013, with it we started the Airline Day of Action initiative. So far it has led to over 500 people being arrested between June 2013-November 2015. Some of those arrested were also wanted on European arrest warrants related to human trafficking, child exploitation and various other criminal activities.

Besides our operational support of Europol we also provide input to its Internet Organised Crime Threat Assessment (IOCTA). The annual assessment informs decision-makers at strategic, policy and tactical levels to fight cybercrime more effectively. IOCTA is also intended to set priorities in the Operational Action Plans for Europol and its Member States after 2017. It’s our aim to keep fighting payment fraud a priority for law enforcement.

We are strong believers in such public and private cooperation. Its effectiveness clearly demonstrated through the successes of the work with Europol, the airline industry and our own members. Our eventual goal is to move the fight against fraud on from days of action. and make it much more of a business-as-usual activity.

The global nature of the fraud landscape and its rapid change makes it more and more difficult for commercial entities and law enforcement to remain effective at fighting fraud. We are bringing relevant stakeholders together, establishing the agenda and proactively setting the pace. We hope it drives more collaborative working.. By linking such national networks with counterparts in other countries we want to make sure that both public and private investigators, know who to contact and what they can expect from each other. Avoiding wasted resources of all Private and public sector know who to contact and what they can expect from each other thus avoiding wasted resources.

Share this post

Like this post

Related Articles

Purchasing cards: Improving the purchasing process for your organisation

July 07, 2016

A daily order of fresh fruit for a school, a £100,000 vehicle and 18,000 timesheets don’t appear to have much in common. In fact, they are all procured and paid for by Leeds City Council as it meets the frontline needs of its citizens. England’s second largest metro council is now using Visa purchasing cards to save money on such transaction. Given the current austerity challenge facing the public sector, it’s a welcome boost.

Simon Thompson Read More

A subtle but important shift

April 18, 2016

Risk tends to be thought of as a negative concept, but aren’t risks and opportunities inextricably linked? After all, you can’t have one without the other. Risk isn’t inherently bad – It’s how you manage risk in the context of opportunity, and balance the two, that’s important.

Mark Austin Read More

Cybersecurity and the road to biometrics

June 06, 2016

This week, Visa Europe presents a three-part series on a subject that is dominating the headlines: biometrics. We have invited Safran, the leading supplier of technology for security as well as aerospace and defence, to give us its perspective on why biometrics is such a hot topic today and where they see the industry heading.

Philippe Le Pape Read More

Ambient banking and Gamification

June 03, 2016

Over on the Collab blog we’re discussing the ways in which consumers interact with banking services – and how that has changed profoundly over the last twenty years. We’re also looking at the rise of gamification in Financial Services.

Hendrik Kleinsmiede Read More

Enterprise for all through partnership

June 30, 2015

Being entrepreneurial is not for the elite. Digital technology and the right attitude allow all of us to create value. It contributes to all our well-being – social and economic. This is no pie in the sky vision of digital evangelists but the reality seen by Visa employees volunteering in start-up challenges. We are proud to back such entrepreneur education.

Nick Jones Read More

Visa Inc. and Visa Europe reunite as one global company

June 21, 2016

Visa Inc. and Visa Europe have reunited! The two companies originated from the same Visa that started as a pilot program in 1958, but have operated as separate entities since Visa Inc. became a public company in 2008.

Charlie Scharf Read More