At the same time, it is a sensitive subject for banks concerned about reputation, competitiveness and profitability. Banks acknowledge the importance of working together and with other agencies to combat fraud but they are not yet sharing data at a level that will make a real difference to the struggle."
"First Data is committed to supporting our clients around the world in the fight against fraud. We are active globally today, working with banks and merchants to implement the most up-to-date fraud solutions. Members of our Fraud Working Group are located across Europe, Middle East and Africa to ensure that they have a deep understanding of frauds operating at a local level, and can apply our global fraud management capabilities to the benefit of our clients.
"We are also taking steps to address the problems associated with the sharing of information across the industry. This becomes increasingly important as the introduction of a Single Euro Payments Area (SEPA) in Europe will increase cross-border payments and so accelerate the need for multi-national databases to fight fraud. At a meeting held in Vienna earlier this month, clients gave us overwhelming support for an initiative to promote cross-border co-operation and we are now actively engaged in seeking solutions that will enable the industry to collaborate as effectively as the fraud architects do today."
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Banks in First Data study call for International Co-operation to combat fraud (page 2 of 2)
- United Arab Emirates: Thursday, March 29 - 2007 at 14:54
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Medilyn Manibo, Assistant News EditorThursday, March 29 - 2007 at 14:54 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
This article was updated on Sun Apr 22 2007.
Notes and Media Contacts »
For a summary of First Data's research findings, please contact Marianna Kollitiri: 0030 210 624 4544
About First Data International
First Data International, part of First Data Corp. (NYSE: FDC), is a leading provider of electronic commerce and payment solutions for businesses worldwide. First Data International serves a diverse range of markets, leveraging global scale through a local presence and maintaining focus on individual client needs. The company has approximately 7,900 employees and operates across Europe, Middle East and Africa, Latin America, Canada, Australia and Asia-Pacific.
First Data serves 4.9 million merchant locations, 1,900 card issuers and their customers. First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations.
For more information please contact:
Marianna Kollitiri
First Data International, Greece
Tel.: +30 210 624 4544
Suzi West
First Data International
Tel: +44 7966 111910
Gambate! Communications Consultants
Mahtab Qayyum
Tel.: +971 (4) 391 6424
About First Data International
First Data International, part of First Data Corp. (NYSE: FDC), is a leading provider of electronic commerce and payment solutions for businesses worldwide. First Data International serves a diverse range of markets, leveraging global scale through a local presence and maintaining focus on individual client needs. The company has approximately 7,900 employees and operates across Europe, Middle East and Africa, Latin America, Canada, Australia and Asia-Pacific.
First Data serves 4.9 million merchant locations, 1,900 card issuers and their customers. First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations.
For more information please contact:
Marianna Kollitiri
First Data International, Greece
Tel.: +30 210 624 4544
Suzi West
First Data International
Tel: +44 7966 111910
Gambate! Communications Consultants
Mahtab Qayyum
Tel.: +971 (4) 391 6424
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