City of London Corporation and FCA launch project to tackle authorised push payment scams
The City of London Corporation and the Financial Conduct Authority (FCA) have today [27 September] launched an Authorised Push Payment (APP) synthetic dataset to develop products and services that can minimise fraud.
Fraud is the most experienced crime in the UK with 2022 figures showing that criminals stole £2.3 billion through fraud – equivalent to £2,300 every minute. Losses from APP Fraud – a type of scam where victims are manipulated by criminals into making payments to scammers – remain stubbornly high at £485.2 million, and unauthorised fraud losses were unchanged from last year at £726.9 million.
The dataset, created by Smart Data Foundry, will be hosted on FCA’s permanent Digital Sandbox. It provides a foundation to better understand how useful data could be shared to reduce barriers to tackling fraud. The dataset allows analysis of rare patterns of behaviour to progress the understanding of synthetic data’s role as a new regulatory and compliance tool. It will be available on the FCA's Digital Sandbox available for firms to access.
The City Corporation and FCA marked the project launch with an event introducing the APP Fraud synthetic dataset and exploring its use as an innovative tool in fighting fraud.
The data set is composed by:
- 30 million rows of synthetic data
- 20,000 synthetic individuals with full details
- 20,000 synthetic accounts with 30,000 fraud events
- Over 70 million rows of synthetic text and call metadata
- Two years of data
Chris Hayward, Policy Chairman of the City of London Corporation, said:
“Our report, Vision for Economic Growth, highlights the critical need for industry and regulators to work together to reduce barriers in tackling fraud, and transform the UK into a digital-first economy.”
“In a time where technological developments present so many more opportunities for deception and disruption, the Authorised Push Payment synthetic data set will spur the innovations we need to address economic crime, which will serve as a foundation to economic growth.”
Notes to editors
For more details on the synthetic dataset visit: https://www.theglobalcity.uk/insights/synthetic-data-solutions
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk