Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World

Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.

Drawing on expert discussions and a survey of fraud professionals from banks operating across multiple geographic regions, particularly in Europe, the report examines how social engineering, artificial intelligence, and increasingly interconnected digital services are reshaping the fraud landscape.

Fraud Is Increasingly Driven by Manipulation Rather Than System Breaches

The report highlights a fundamental shift in fraud. While financial institutions have significantly strengthened their technical defenses, fraudsters are increasingly targeting people rather than systems. Customers are manipulated into authorizing payments themselves through scams that often begin on social media platforms, messaging services, telecom networks, and online marketplaces.

As a result, the fraud often occurs long before a payment reaches a bank, making prevention more difficult for financial institutions acting alone.

“Fraud is increasingly a challenge of trust and human behavior rather than compromised technology,” said John Erik Setsaas, Co-Chair of Mobey Forum’s Fraud Expert Group. “As fraud journeys span multiple platforms and industries, effective prevention requires a broader ecosystem response.”

Collaboration and Information Sharing Are Key

The report identifies cross-industry collaboration as a critical enabler of more effective fraud prevention. Banks, payment providers, telecom operators, technology companies, and public authorities all have a role to play in detecting and disrupting fraud before financial losses occur.

Information sharing is highlighted as a critical enabler, although current efforts are often constrained by fragmented practices, legal uncertainty, and limited real-time capabilities. Upcoming European regulations, including PSD3, the Payment Services Regulation (PSR), and the Anti-Money Laundering Regulation (AMLR), are expected to create new opportunities for stronger cooperation.

The report also stresses the importance of developing a common fraud taxonomy to improve intelligence sharing and create a more consistent understanding of fraud across industries.

“Sharing information is only effective if organizations speak the same language,” said Xavier Serra Guasch, Co-Chair of Mobey Forum’s Fraud Expert Group. “As fraud increasingly crosses industry boundaries, greater alignment around fraud definitions will be critical to building a more coordinated and resilient response.”

Building Resilience Against Emerging Threats

Survey findings show that banks and payment service providers continue to invest in customer education, technical controls, and collaborative initiatives to strengthen fraud detection and response. At the same time, advances in artificial intelligence are enabling more sophisticated scams, including deepfakes and automated fraud attacks, increasing pressure on existing controls.

The report concludes that maintaining trust in digital financial services will require stronger partnerships, better information sharing, and collective action across the wider digital ecosystem.

The full report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, is available for download HERE.