Pay.UK speaks about the future of fraud at the Innovate Finance Global Summit 2024

Our Head of Fraud, Humera Yakub, recently attended the Innovate Finance Global Summit (IFGS) 2024 to share insight into the future of fraud and the pertinent role of Pay.UK.

With a particular focus this year on the global fintech ecosystem, IFGS brought together industry leaders including innovators, regulators, policymakers, and investors for two days of thought-provoking discussion.

At the ‘Where next in the fight against online fraud?’ roundtable, Humera discussed key considerations for tackling increasing levels of fraud. She highlighted the need for a collective approach beyond financial institutions that also includes law enforcement, social media firms and regulators, and highlighted the importance of developing affordable and sustainable solutions that are fit for all sizes of payment service providers.

Humera also discussed the need for organisations to be open to sharing their customers’ data for legitimate purposes, highlighting how we can most effectively use this data to prevent and detect fraud with reference to our Fraud Prevention Programme activity.

Humera said: “We need to work on our speed of response to fraud as an industry and in order to do this, we must work intra-bank to bring all teams – data privacy, finance, security and others - on the journey with us. We must work collaboratively to share data and best practices between us.”

As a payment system operator, we are working to provide products and services to detect and prevent fraud before it happens. To this end, our Fraud Prevention Programme will expand Confirmation of Payee coverage, deliver an enhanced data sharing capability (via a peer to peer API) in the future, and progress a Fraud Prevention Overlay Service as well as a fair and consistent reimbursement solution mandated by the Payment Systems Regulator and HM Treasury.

For more information, please visit our fraud prevention programme page here.