The UK's payment association Apacs today unveiled a series of measures aimed at combating online fraud.
Apacs has established a new group, the Payment Industry and Police Joint Intelligence Unit (PIPJIU) aimed at tackling banking fraud. It will be staffed by fraud specialists from the financial services sector, working alongside Metropolitan and City of London police officers.
PIPJIU will form part of the Dedicated Cheque and Plastic Crime Unit (DCPCU).
Apacs also detailed plans for a new centralised, shared database for the banking industry. It will contain information on confirmed, attempted and suspected fraud.
Dave Pope of fraud prevention firm 192.com Business Services praised Apacs' work but argued that encouraging online retailers to share information about fraudulent activity could improve the fight against online fraud further.
By providing police with access to online retailers' fraud intelligence system, officers could be in place to make arrests the moment items purchased using stolen or cloned credit cards were delivered. "What other crime is there that affords police the opportunity to lie in wait for the crime to be committed?" he added.
