We recently hosted a breakfast roundtable at the House of Commons to explore how the National Payments Vision will enable growth and help Pay.UK and the wider industry work to combat authorised push payment (APP) fraud.
Our chair, Mark Hoban, and Labour MP, Matthew Patrick, welcomed consumer champions Which? and Victim Support, industry leaders, and policy makers, to discuss how we can deliver the Vision’s goals of a more innovative, competitive, and secure payments ecosystem.
The session highlighted the need for a consistent approach to protecting innocent victims through detecting, preventing and reimbursing fraud; what more can be done to tackle fraud and opportunities to work together; and the need for greater data sharing across services.
Key considerations of each theme included:
Achieving a consistent approach to protecting victims of fraud
- Robust and secure customer journey to increase confidence in payments
- Awareness of current discrepancies in payment providers’ management of fraud
- Uniform fraud reporting
- Greater insight into fraud demographics including victims, type and location
Opportunities to further tackle fraud and work together
- Renewal of the central infrastructure
- Development of a government fraud strategy and greater regulatory alignment
- Utilising new fraud data and tools – for example Pay.UK’s reimbursement claims management system and associated reporting
- Continued development of the APP reimbursement scheme
A need for greater data sharing across services
- Understanding different risk appetites around data sharing
- Greater coordination and collaboration within the industry and across sectors – for example social media and telecom companies
Pay.UK and the National Payments Vision
We welcome the National Payments Vision and its recognition that resilient infrastructure, and a clear regulatory framework, are core foundations for the UK payments sector. The Vision’s three pillars of innovation, competition and security mirror our own purpose to power payments, champion innovation and give the UK choice in how it pays.
As an independent, not-for-profit organisation operating the UK’s interbank payment systems, we are committed to rallying industry players to combat fraud collectively for the benefit of all. The successful delivery of two key components of our dedicated Fraud Programme – Confirmation of Payee, now implemented by over 300 organisations, and the APP fraud reimbursement scheme, delivered on time and within budget – demonstrate our ability to effectively collaborate with the industry to deliver tangible results.
We look forward to continuing our work engaging with the Government on the direction of the NPV and our wider work to mitigate and reduce the instance of APP fraud in the UK.
Read our full response to the National Payments Vision here: Pay.UK response to National Payments Vision
