London, December 16, 2020 - The European Association for Secure Transactions, EAST, and FS-ISAC have signed a Memorandum of Understanding (MOU) strengthening their sharing of secure payment-related intelligence to battle fraud.
In 2020, average monthly fraud cases reported by FS-ISAC members have increased by 82%. The latest EAST European Payment Terminal Crime Report, covering the first six months of 2020, reported a 269% increase in ATM malware and logical attacks. As fraud attempts have skyrocketed during the pandemic and digitization of financial services reaches a point of no return, it is critical for anti-fraud efforts and cybersecurity teams to work together more closely moving forward.
Specifically, the partnership strengthens:
- operational intelligence sharing
- anti-fraud and cybercrime prevention initiatives
- malware analysis
- strategic partnerships
“The current pandemic has accelerated changes taking place in the financial landscape,” said Lachlan Gunn, EAST Executive Director. “Financially motivated cybercriminals targeting banks and other financial institutions have reacted accordingly and increasing our collaboration with FS-ISAC is an important step forward in the sharing of intelligence for the industry in Europe and beyond.”
“Accelerated global digitalisation combined with the growing sophistication of cybercriminals demands more sharing and collaboration in the financial sector, both regionally and globally,” said Lucie Usher, Intelligence Officer for EMEA at FS-ISAC. “This strengthened collaboration between FS-ISAC and EAST will further enable intelligence sharing to better safeguard the European global financial system.”
The partnership was formalised in November during the 3rd EU Financial Cybercrime Coalition (EUFCC) meeting hosted by Europol and FS-ISAC.
The European Association for Secure Transactions (EAST) was formed in 2004 and its remit covers both Terminal Security and Payment Security. EAST has set up an international network to help improve public/private sector cross-border cooperation in the fight against organized cross-border crime. Connect with EAST on LinkedIn, follow EAST on Facebook, or talk to EAST on Twitter.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is the only global cyber intelligence sharing community solely focused on financial services. Serving financial institutions and in turn their customers, the organization leverages its intelligence platform, resiliency resources, and a trusted peer-to-peer network of experts to anticipate, mitigate and respond to cyber threats. Headquartered in United States, the organization has offices in the United Kingdom and Singapore, and members in more than 70 countries. To learn more, visit www.fsisac.com. To get clarity and perspective on the future of finance, data and cybersecurity from top C-level executives around the world, visit FS-ISAC Insights.