The Euro Banking Association (EBA) has made its payment fraud taxonomy available to the public. EBA's expert group on payment fraud-related topics developed the taxonomy in a bid to curb the rising threats to the European payments system. It provides a framework to describe payment fraud scenarios including card transactions.
EBA expects the banks to use the taxonomy to develop common terminology around payment fraud. Consequently, it will help the banks effortlessly share data and intelligence to inform consumers and reduce fraud levels in Europe's payments market. The implementation of EBA's taxonomy will initially focus on three use case areas - fraud reporting; intelligence sharing; and data sharing.
The association has relied on definitions already publicly available, where possible. The taxonomy will be updated on a yearly basis and is available via the EBA website at https://www.abe-eba.eu/publications/.
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