Mastercard to work with Europol to fight cybercrime

Mastercard Europe and the European Union Agency for Law Enforcement Cooperation – better known as Europol – announced that have signed a partnership to collaborate on aligning counter cybercrime objectives across Europe. The agreement will see the two organisations working together to share insights and identifying key activities on which they can cooperate to strengthen the region’s cyber resilience.

Based in The Hague, the Netherlands, Europol is the European Union’s law enforcement agency. It supports the 27 EU Member States in their fight against terrorism, cybercrime, and other serious and organised forms of crime, with the goal of achieving a safer Europe for all EU citizens. As part of this agreement, Mastercard Europe and Europol will collaborate to strengthen the region’s resistance against cybercrime in the face of rising threat levels.

“Alongside all the other change and disruption, the past year has also seen a marked increase in cybercrime with more data breaches in 2020 than the last 15 years combined,” said Mark Barnett, President at Mastercard Europe. “It is clear that a concerted and united effort will be required across the region to fight fraudsters and hackers. Our partnership with Europol is a significant signal of unity that will enable us to build the big picture, pool our resources and find the most efficient ways to fight cybercrime together.”

The collaboration will form a prominent foundation upon which both organisations can explore and discuss new or emerging cyber threats; coordinate problem centric working groups to tackle specific risks; and provide threat forecasts to assist with resiliency efforts across the European Financial Ecosystem, all with the objective of supporting a safer tomorrow for the region.

The partnership with Europol builds on Mastercard Europe’s ongoing commitment to the region’s protective efforts against cybercrime, joining existing links with the Euro Cyber Resilience Board Chaired by the ECB and their Cyber Information & Intelligence Sharing Initiative. Mastercard Europe also works closely with the National Bank of Belgium, Europol’s European Cybercrime and Fraud Investigators group and the UK’s National Crime Agency and National Cyber Security Centre.

Mastercard Europe also launched the Cyber Resilience Centre in Waterloo, Belgium, last year. The centre acts as a central European hub through which Mastercard Europe can drive collaboration between regulators and companies within the private and public sectors. The new centre also enable Mastercard Europe to work closely with law enforcements – such as Europol – and increase efficiency during global events, natural disasters, service, and security incidents.