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 first of the seven-episode series, 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 the following episode 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 new regulation around APP reimbursement that will come into force later this year. Highlighting specifics of the new policy, including how the cost lost to fraud will be covered equally between the sending and receiving banks, Kate then detailed Pay.UK’s extensive work to support industry compliance with the new policy and our whole-of-market solution to facilitate claims management.
Confirmation of Payee was then the subject matter for episode 4, with discussion of our work to expand the name-checking service to achieve 100% coverage of all UK PSPs, 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.
You can listen to all episodes by following the links below:
Episode 1 – Introduction to Pay.UK
Episode 2 – Our work to combat APP fraud
Episode 3 – APP reimbursement model and regulation
Episode 4 – CoP expansion
