Collaboration and the sharing of information help reduce payment transactions fraud

Abstract

In recent years, the Netherlands has benefited from the voluntary cooperation between various parties that play a role in the payment chain. For example, knowledge and experience in the field of fraud prevention and cyber security are shared and exchanged, more research and threat analyses are conducted, and fraud mitigation measures are coordinated and implemented jointly. This domestic partnership is unique in Europe. The Dutch Payments Association manages the collective aspects of cyber security policy in relation to the payment system, and works closely with other institutions, including the National Cyber Security Centre, to implement this policy. It also coordinates fraud prevention within the entire payment chain, compiles and analyses statistics on fraud, and drafts prevention policy. In addition, it coordinates the implementation of measures designed to prevent fraud. This unique Dutch partnership limits cyber crime and fraud. Any payment chain is only as strong as its weakest link, however; therefore, cooperation between the various parties involved is vital to ensure and enhance security in the payment chain. This paper describes the Dutch approach to fighting fraud in the payment system.