Europol’s AG-Financial Services meets in The Hague

EAST Development Director Rui Carvalho participated in and presented at a meeting of Europol’s Advisory Group on Financial Services (AG-Financial Services) on 20th November 2019 in The Hague.  The AG-Financial Services advises the Programme Board of the European Cybercrime Centre (EC3) at Europol. Its purpose is to:

  • bring knowledge and expertise to the Programme Board on the impact of cybercrime on financial services and on how this sector and law enforcement can cooperate in the prevention and combating of cybercrime;
  • update and share all relevant information and expertise on developments in the area of cybercrime that affect financial services;
  • assist the Programme Board in defining priorities for the work of EC3 in this area, including by advising on the cooperation with the financial services and on developing concepts for enhanced prevention;
  • advise the Programme Board on increasing the sharing/exchange of information between law enforcement and financial services

Rui Carvalho is also Chair of the EAST Payments Task Force (EPTF) which has great synergy with AG- Financial Services in that its remit, as a public-private sector expert working group, covers the impact of cybercrime on financial services.

EAST participates in Europol’s AG-Financial Services

EAST Development Director Rui Carvalho participated in and presented at a meeting of Europol’s Advisory Group on Financial Services (AG-Financial Services) on 20th June 2019.  The meeting was held at Europol’s HQ in The Hague.  The AG-Financial Services advises the Programme Board of the European Cybercrime Centre (EC3) at Europol. Its purpose is to:

  • bring knowledge and expertise to the Programme Board on the impact of cybercrime on financial services and on how this sector and law enforcement can cooperate in the prevention and combating of cybercrime;
  • update and share all relevant information and expertise on developments in the area of cybercrime that affect financial services;
  • assist the Programme Board in defining priorities for the work of EC3 in this area, including by advising on the cooperation with the financial services and on developing concepts for enhanced prevention;
  • advise the Programme Board on increasing the sharing/exchange of information between law enforcement and financial services

Rui Carvalho is also Chair of the EAST Payments Task Force (EPTF) which has great synergy with AG- Financial Services in that its remit, as a public-private sector expert working group, covers the impact of cybercrime on financial services.  Going forwards he will share updates from the EPTF at future meetings of the AG-Financial Services.

 

Viewpoint: Has your payment card been compromised and , if so, where?

In a website research poll that ran from January to April 2017 cardholders who had had a payment card compromised were asked if they knew where the compromise took place. 33% of respondents answered ‘during an online transaction’, 14% ‘at an ATM’, 14% ‘at a petrol (gas) station’ ,10% ‘due to a data breach’. and 5% ‘at a merchant terminal’.  24% did not know where the compromise took place. The poll results can be seen in the chart below.

 

How safe you feel as a cardholder when making a card-based payment transaction is of paramount concern to the industry.  The EAST Payments Task Force (EPTF) is focusing on payment research.

The current website research poll, which closes at the end of August is on ATM fraud and asks what you feel is the biggest fraud risk to the ATM channel over the next few years?  To take it, and to see all past results, visit the ATM Research Page on this website.

Viewpoint: What is the highest risk for card-based payment transactions?

In a website research poll that ran from September to December 2016 cardholders were asked, in a card present scenario, which type of transaction they felt is least secure.  31% of respondents answered ‘using an ATM’, 29% ‘using a mobile phone’, 26% ‘using a retail payment terminal’ and 14% ‘using contactless technology’.  The poll results can be seen in the chart below.

Most people make card-based payment transactions on a regular basis.  When doing so trust in the security of the transaction is vital.  The industry consistently works to ensure that this trust is not-misplaced by monitoring transactions and by putting effective security measures in place.

That being said criminals continue to work at finding weak points in current security measures and in developing new ways to fraudulently obtain cash.  This results in ‘technology chase’ as both sides react to the actions of the other.

How safe you feel as a cardholder when making a card-based payment transaction is of paramount concern to the industry.  The EAST Payments Task Force (EPTF) is currently focusing on payment research.

The current website research poll, which closes at the end of April, is also on payment security and asks those who have had a payment card compromised for information on where the compromise took place.  To take it, and to see all past results, visit the ATM Research Page on this website.