In a bid to help financial institutions keep up with developments in payments system fraud, the European Banking Authority (EBA) has made the latest version of its fraud taxonomy available to all financial institutions, not just its members.
The taxonomy was developed by the association’s Expert Group on Payment Fraud-related Topics (EGPF), which launched in 2020, with the aim of discussing a pan-European approach to fraud intelligence.
The taxonomy is an ongoing project from the EGPF and several versions have been published since the group’s inception.
The EBA says the taxonomy enables for the first time a “pan-European approach to payment fraud categorisation with the aim to contribute to the combatting of payment-related fraud at a pan-European level.” The taxonomy is applicable to both payment fraud and card fraud and could help facilitate intelligence and data sharing across national borders.
“A common vocabulary for fraud types is an important prerequisite for sharing intelligence or data with your peers for fraud prevention and detection purposes,” says Thomas Egner, secretary general of the EBA.
“Our fraud taxonomy enables payments experts to identify the who, how and what of different fraud scenarios and to separate the contact methods used by fraudsters from the actual tricks they apply.”
You can request a copy of the taxonomy here.