The Australian Payments Forum (APF) (formerly the Card Payments Forum) met in Sydney on 29 March 2010 specifically to consider a collaborative approach to fraud prevention across the payments industry.
The sixty-six attendees from major stakeholder groups heard:
- Dr Russell Smith, Principal Criminologist from the Australian Institute of Criminology, provide an overview of global trends in fraud and future challenges for the industry;
- Ms Kalyani Pillay, CEO of the South African Banking Risk Information Centre (SABRIC), speak about the South African banking industry's response to this challenge through the formation of the SABRIC; and
- Mr Alastair MacGibbon, Managing Partner of the Surete Group, provide his vision for industry collaboration in Australia in the form of a central data sharing body.
Following discussion on the upward trend of domestic fraud figures and the increasing threat of fraud in the global environment, participants agreed that there was a need for greater central coordination across the industry as a whole and with law enforcement agencies.
In general, there was support from APF attendees for the development of a proposal for a financial fraud risk centre of excellence. Such a body could enhance the industry's current fraud prevention activities through the collection and dissemination of data, research and other material relating to fraud prevention. The proposal is being jointly developed by the Australian Bankers' Association, Abacus and APCA for consideration by the three industry bodies later this year.
The meeting's communiqué and presentations are available on the Australian Payments Forum website.
L to R: Russell Smith; Kalyani Pillay; Alastair MacGibbon