Enhanced Fraud Data (EFD)

Last year we worked closely with the wider payments industry to develop an Enhanced Fraud Data (EFD) messaging standard, capable of carrying data in a pre-agreed, structured format. Enriched data sharing between banks has enabled us to develop a peer to peer fraud prevention Application Programming Interface (API) solution.

EFD will work in a similar manner to Confirmation of Payee (CoP), and we will be utilising the same directory service as CoP for this solution. EFD will enable fraud analysts to make an enhanced risk-based decision on a transaction by providing a set of data attributes to both the sending and receiving bank, before the payment is initiated.

The solution will help to improve fraud detection rates as well as reduce the false positive rates, leading to an overall reduction in fraudulent transactions and losses. EFD is one of three measures that the Payment Systems Regulator (PSR) published to help prevent Authorised Push Payment (APP) scams. Measure 2 ‘tasks the industry with improving intelligence sharing’ and the EFD solution will be one of first initiatives to enable enriched data fields to be shared between Payment Service Providers (PSPs). We have been working closely with customers who are interested in using the solution which can be implemented independently or in conjunction with existing fraud monitoring tools.