Reported card fraud amounts to some € 1.5 billion in Europe. As a result of this significant number, and to answer the concern of Payment Service Providers () and public authorities, the European Payments Council () has decided to establish a dedicated card fraud prevention body using the format of a previous task force as a starting point. The first meeting will be organised in early 2017.
The main objectives of the new Card Fraud Prevention Forum (CFPF) are to identify and support card fraud prevention practices and tools within the card industry as well as to develop strategic initiatives to fight against card fraud.
The CFPF will primarily focus on card fraud prevention related to card and card-based transactions including cash withdrawals. In order to complete its mission, the CFPF will carry out the following:
- Identification of issues (sharing of information and statistics about new threats)
- Forecasting of trends (sharing and development of analysis and statistics)
- Identification and promotion of prevention practices and tools (authentication methods, anti-skimming devices)
- Development of innovative tactical initiatives
The CFPF recommendations are expected to be followed by the stakeholders of the entire card value chain. The Forum will also set up initiatives and participate in, or leverage, existing ones, in order to improve the statistics on card fraud in . It will provide the Board, the European Cards Stakeholders Group (ECSG), card schemes and any other identified interested party with proposals regarding the security and anti-fraud measures related to card and card-based transactions in order to secure the broadest possible market commitment.
The CFPF is currently formed of 24 participants: 12 -related members, six members from card schemes and six members from the retail sector. Non-commercial organisations active in the card fraud prevention domain as well as European authorities shall be invited as observers to participate in CFPF meetings.
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