Panel calls for unified fraud rules as attacks target people

An online webinar hosted in association with payments firm Ecommpay will bring industry experts together to discuss regulatory reform and cross-industry collaboration to counter fraud that targets people rather than technical systems. Organisers plan to open registration to industry professionals.

Interpol described financial fraud as “one of the world’s most severe and rapidly evolving transnational crimes, with significant economic and human consequences,” and warned that AI-enhanced fraud is 4.5 times more profitable than traditional methods.

Panelists will examine why individual companies’ isolated controls are proving inadequate as fraudsters shift to social engineering and use machine learning and automation to scale attacks and avoid detection.

Discussion topics will include regulatory fragmentation, limited cross-company data sharing and inconsistent reporting. Proposals set for debate include a unified regulatory framework that scales obligations by firm size and risk, standardised incident reporting formats and secure non-profit platforms for sharing indicators of compromise and fraud intelligence.

Speakers listed for the webinar include Willem Wellinghoff, UK chair and chief compliance officer at Ecommpay. Teresa Connors will moderate the discussion.

The panel will consider potential downsides to closer industry coordination, including compliance costs for smaller firms, privacy and competition law constraints on data exchange, and technical and governance challenges in operating a centralised fraud database.

Organisers intend to discuss whether statutory changes or inter-agency agreements could clarify overlapping mandates among financial regulators, data protection authorities and law enforcement and speed cross-border intelligence sharing.

The webinar will also outline practical reform options such as tiered obligations, legal safe harbours to encourage timely information exchange and standard processes for incident reporting. Registration is open to industry professionals interested in the proposed reforms and collaboration methods.