Real Time Fraud Meeting [POSTPONED]

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Date(s) - 23/03/2016
18:00 - 20:00




The DPA is holding a meeting on Real Time Fraud to be held on Wednesday 23 March from 18.00-20.00 in London.  Please email to request a place.  Meanwhile more information is below.

This meeting is for DPA members and registered observers only.  If you are interested in becoming a member we would welcome your attendance as a taster, but before any further participation, you would then need to join us.  More details are available at:

Preventing Payment Fraud in Real Time
Immediate payments are an excellent way for people to buy and pay online. ‘Faster Payments’, one of 30 projects underway to introduce real time payments, created by the UK banks moved over £1 billion in revenue during 2015. In 2014 however, payment fraud jumped 48% to £60 million per year. It is therefore essential that real time payment fraud be addressed.

A key issue is that the sending and receiving banks are only able to see their own customer information. Whilst all banks have internal fraud solutions, little collaboration between them enables the fraudster(s) to navigate the banking system, moving payments from one bank account to another, with little or no risk of detection. At present there is no overriding network Hub for intelligence sharing on real time fraud and money laundering.

The Hub concept stemmed from Digital Policy Alliance research. The results showed: 70% fraudulent transactions would have been stopped immediately and nine (9) new fraudulent and money laundering networks were discovered.

This evening’s event will feature an explanation what can be done in this newly connected and instant world to combat fraud, followed by a round table discussion under the Chatham House Rule on what needs to be done.

Faster Payments, as banks say “once it is gone, it’s gone!”