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 specifically on the regulation surrounding the APP reimbursement policy. While the current practice for reimbursing victims of APP fraud is voluntary, Kate detailed how new regulation from the Payment Systems Regulator will require the cost lost to fraud to be covered equally between the sending and receiving banks. She further detailed Pay.UK’s extensive work to support industry compliance with the new policy and introduced our whole-of-market solution to facilitate claims management.

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