Fraud experts from 52 banks across Europe are calling for greater cooperation in the fight against fraud, while acknowledging significant barriers that stand in the way of collaboration.

The findings of a survey from First Data International and carried out by Olive Insight, an independent research firm, finds regulation is seen as a both a help and a hindrance, while technology remains key to efforts to combat increasingly organised and financially motivated gangs.

In exploring the experiences and opinions of senior fraud experts in relation to ATM, point of sale (POS), online banking and card not present (CNP) fraud, it found 96% of respondents believe that fraud is perpetrated on a global stage, learned and passed from one part of the world to another, making the job of defending against threats global, learned and progressive.

Over half (55%) of respondents believe that regulation helps to combat fraud. Others, especially in Western Europe, are concerned that regulation may prove too restrictive in a rapidly changing environment. Katy Worobec, head of fraud control at APACS, the UK payments association said: “Regulation may not allow for the changing face of fraud and may not incorporate the flexibility necessary to meet new developments. Fraud changes and migrates too quickly to have inflexible legislation around it.”

Technology is a key weapon in the fight against fraud and a clear priority for over 50% of respondents. Many organisations are introducing anti-skimming devices and improving security at ATMs. The report said innovative ways of analysing data are under review and need further exploration. Link analysis, for example, can help banks to gain a joined-up view of fraud across the organisation while multi-factor authentication promises to reduce the reliance on static data, it said. The report also urged banks to evaluate technology implementation costs in the light of both financial losses from fraud and its impact on consumer confidence.