Combatting Payment Fraud Challenges: ISSP Facilitates Discussion Among Financial Leaders

ISSP, an international cybersecurity company, partnered with the Ukrainian Interbank Association of Payment System Members "EMA," and Visa to host the Payment and Credit Securitycombatting-payment-fraud-challenges-issp-facilitates-discussion-among-financial-leaders Forum.

More than 150 representatives from banks and financial institutions participated in the event. The forum's primary focus was to discuss combating payment fraud and exploring new approaches to legislating anti-fraud measures.

In his opening remarks, Roman Sologub, CEO of ISSP, acknowledged that the financial industry is well-prepared to counter cyberattacks. However, he emphasized the vital importance of cooperation within the sector and the enhancement of cyber resilience.

Roman commented, "The introduction of new anti-fraud regulations at the legislative level in Ukraine presents us with new opportunities for collaboration and partnership with financial organizations and banking institutions. Leveraging our extensive experience in implementing anti-fraud solutions, both locally and internationally, we are ready to assist the banking sector in adapting to new requirements and aligning their operations with the existing rules and standards in the European Union."

Olesia Danilchenko, Deputy Director of the association, provided participants with the latest statistics on payment fraud incidents in Ukraine. According to her, instances of internet fraud using social engineering techniques increased by 8% in the second quarter of 2023 compared to 2022, underscoring the urgency for banks to implement effective anti-fraud measures.

Sergiy Poiata, Chief Operations Officer at ISSP, and Yuri Khmelenko from "Sens Bank," delved into the practical aspects of implementing new strategies and tools to combat online fraud within the financial sector.

In collaboration with representatives of the Cyber Police, banking sector operators explored ways to enhance cooperation during investigations involving fraudulent schemes using bank cards.

The participants also closely examined the implications of NBU Resolution No. 58, which outlines the reinforcement of authentication methods and the introduction of additional requirements for financial market operators by the end of 2024.

We remain committed to supporting the development of Ukraine's financial sector and strengthening the cybersecurity defenses of banking institutions.