fraud intelligence sharing

National & Global Fraud Intelligence sharing – 3rd EAST Global Congress

The 3rd EAST Global Congress took place on Wednesday 8th February 2023 in Bucharest as a hybrid meeting, with some delegates participating online. The event was hosted by the Romanian Banking Association (ARB) .

The meeting was chaired by Thomas Von der Gathen from Payment Services Austria (PSA) and the key focus was on the sharing of payment and terminal fraud intelligence (global, regional, national).

Law enforcement overviews were provided by: Europol’s European Cybercrime Centre (EC3) on various fraud types; the Gulf Cooperation Council Police (GCCPOL) on technological and non-technological fraud trends; the INTERPOL Financial Crime and Anti-Corruption Centre (IFCACC), on their role in providing a coordinated global response against the exponential growth in transnational financial crime; and the General Inspectorate of Romanian Police – Countering Organised Crime Directorate, on Cybercrime in Romania.

Private sector fraud intelligence updates were received from 26 countries, either directly or via regional/global updates by BNP Paribas, HSBC, and Worldline.  Regional Updates were also provided for ASP and MENA.  Each update covered Fraud Types, Fraud Origin, Due Diligence and Physical Attacks (ATM, ATS and CIT).  Payer manipulation fraud, also known as Authorised Push Payment fraud (APP), is a rising issue in many countries and, linked to social engineering, is a major concern. Threats relating to instant payments (IPs) were also discussed.  IPs pose some unique challenges due to their speed and irrevocability.

Updates from the three EAST Expert Groups were given:

EAST Fraud Update 1-2023 will be produced early next month, based on the country updates provided at the EAST Global Congress.  EAST Fraud, Payment, and Physical Attack Alerts are available on the EAST Intranet to EAST Members.

The 4th EAST Global Congress, scheduled for 7th June 2023, will also be held as a Hybrid Meeting.

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