On October 18^th 2010, Bosnia & Herzegovina's Bank Fraud Forum held its Quarterly Summit at the UNITIC Business Center in Sarajevo.

The event, chaired by Mr. Dario Coric, Head of Card Operations at Unicredit Bank d.d. B&H, aimed to help create a proactive environment through which stakeholders collaborate to collectively address issues such as fraud in the electronic payments industry.

The Fraud Forum's member banks, local security forces, Central Bank, Ministry of Interior Affairs and other involved parties were invited to attend the event. Through its agenda, all parties present updated their knowledge on the latest around the PCI DSS standard, its upcoming v2 release, and fraud prevention techniques, and were also made aware of the latest incidents of financial fraud encountered by authorities both in the region and on the European and global levels.

A non-exhaustive list of topics included:

• PCI DSS History, Trends, Breaches Overview, Related Standards, Applicability, Validation, Card Scheme Compliance Programs, Achieving & Maintaining Compliance, New standard Updates
• Ministry of Interior Affairs presentation on arrests in co-operation with Fraud Forum Members related to fraud cases.
• B&H Agency for Data Protection’s role and objective in fighting fraud and e-crime
• Card Commission presentation on Banking Association Merchant Letter
• Current Fraud trends

During the event, open discussions on the effectiveness of the latest measures to protect the electronic payment industry from different forms of financial fraud took place, as well as the role of implementing the PCI Data Security Standard.

Martin Petrov of Onformonics commented subsequent to his presentation that reducing risks associated with the IT Infrastructure supports the ultimate goal of compliance with the Data Security Standard – that of reducing fraud. The united efforts made by all Fraud Forum Members present during the Summit will help ensure that Bosnia & Herzegovina continues to be a secure destination for card payments as well as a safe place to do business. Achieving these goals will ultimately help to promote the local economy and tourism, and support government plans to secure investment and steady economic growth.

We at Onformonics consider compliance through governance resulting in the reduction of IT risks and, ultimately, fraud, a top priority and core value. We help organisations achieve these goals through educational seminars, as well as the development of compliance management applications, not only to help protect all stakeholders in the payment chain, including the cardholders, but to contribute to the business success, economic security and advancement of the industry.