Pay.UK fraud prevention programme
We exist in a fast-paced and constantly evolving industry where fraud is unfortunately a modern-day reality. Fraudsters move fast and adapt quickly, coming up with novel methods and using technology to their advantage. Tackling this growing criminal threat is a top priority for Pay.UK and our customers. People need to feel safe and confident when they use our payment systems, without having to compromise on the benefits that payments technology enables in our fast-paced world.
With our central role in the UK payments ecosystem, we have a unique ability to act. As a Payment System Operator, we are the owners of the technology, rules and standards for our payments platform and so, with the support of our customers, we have the mandate to lead its development. We are determined to provide products and services to detect and prevent fraud before it creates an impact. We want to equip our customers with the best possible tools to identify and stop fraud before it happens.
Working together with the industry we’ve come a long way, but there is still more to be done. It is vital that we look at fraud detection, prevention and reimbursement as part of the same solution. Our Fraud Prevention Programme will expand Confirmation of Payee (CoP) coverage, deliver an enhanced data sharing capability (via a peer to peer API), a Fraud Prevention Overlay Service and a fair and consistent reimbursement solution mandated by the Payment Systems Regulator (PSR) and HM Treasury (HMT).
We want to do what’s right for the payment’s ecosystem and use our unique role in the fight against fraud to deliver our vision of being the smartest way to move money, now and in the future. We need a holistic industry approach to fraud prevention involving all industry sectors.
This requires better collaboration and knowledge sharing between everyone in the payments system and beyond: banks, the Government, regulators, telecommunication companies, fintech companies, social media companies, law enforcement, industry bodies and Pay.UK.