Commenting on the publication of the Payment Systems Regulator’s response to the Which? super-complaint, Katy Worobec, Director of Financial Fraud Action UK (FFA UK), said: “Protecting customers from fraud has been and continues to be the banks’ priority. Banks have worked hard to enhance customer protection and will continue to do so.
“We must not lose sight of the fact that considerable effort is needed by government, law enforcement, industry and other parties working together to successfully tackle the fraudsters who are behind these crimes.”
As FFA UK’s evidence to the regulator clearly demonstrated, stakeholders need to address the legal and other barriers that prevent banks from openly sharing information on push payments. We look forward to working with all parties, including regulators, the ICO and government to help develop a common understanding of what can and cannot be shared under existing legislation and then develop the actions needed to change that legislation if necessary.
FFA UK is committed to transparency and will work with our members to:
- explore new ways of collecting data on authorised fraud, to ensure we are able to provide greater clarity on the scale and types of fraud
- ensure that customers who are reporting these scams receive a more consistent approach in the future.
There are also a number of points of weakness outside the control of the banks which enable fraud, such as the compromise of personal and financial details from data breaches, which need to be addressed.
Banks have already called for new powers on information sharing to allow them to share data to better detect and prevent financial crime.
Banks have and continue to invest in a range of fraud detection measures, which means fraudsters are increasingly targeting customers directly.
Earlier this year FFA UK with the banking industry launched its largest ever awareness campaign, Take Five, to give customers the confidence they need to better protect themselves against these types of scam.
FFA UK and its members will continue to work directly and through the Joint Fraud Taskforce and with other partners, including government, law enforcement, industry and consumer organisations, to combat fraud and protect customers.