Pay.UK discusses pioneering work to combat fraud in podcast series
Our Chief Business Development Officer, Kate Frankish, recently featured on the Chartered Banker Institute podcast series ‘Banking transformations: A Deep Dive into Modern Payment Services’ to discuss our pioneering work in the fight against fraud.
In the episode 1, Kate provided a comprehensive introduction to Pay.UK, outlining our organisation’s history, our purpose, and our products and services. She further detailed our activities as the recognised operator and standards body for the UK’s interbank payment systems, including our work in supporting our customers with regulatory compliance.
The context provided a neat transition into episode 2 in which Kate highlighted our work to support fraud detection, prevention and reimbursement, with reference to our dedicated Fraud Programme comprising two mandated projects and two innovation-focused projects:
Confirmation of Payee (CoP) expansion
Authorised Push Payment (APP) reimbursement policy
Enhanced Fraud Data (EFD)
Fraud prevention overlay
Episode 3 focused on the new APP reimbursement regulation that came into force this year. Highlighting specifics of the policy, including how the cost lost to fraud will be covered equally between the sending and receiving banks, Kate detailed Pay.UK’s extensive work to support industry compliance with the new policy, and our whole-of-market claims management solution.
Confirmation of Payee was the topic for episode 4, with discussion of our work to expand the name-checking service to significantly increase UK PSP coverage to further help prevent APP scams and misdirected payments. Kate outlined how we are working to support organisations to join the service by the mandated 31 October 2024 deadline, the various ways to join, and the procurement of a new Pay.UK CoP directory as part of the project.
Episode 5 then explored the key to success when it comes to fraud prevention and innovation initiatives. Discussing our Enhanced Fraud Data and Fraud Prevention Overlay, Kate highlighted how data-sharing and AI have been pivotal to the effectiveness of each of these initiatives, which saw an uplift of 50% in fraud detection capability in their respective proof of concepts. Kate further outlined the continued importance of industry collaboration, with particular reference to our Fraud Innovation Group. She encourages payment service providers (PSPs) who are interested in joining to email fraudinnovation@wearepay.uk.
