Fraud data sharing highlighted in Payments Council plan

Established with support from the Treasury and the Office of Fair Trading (OFT), The Payments Council is the payment’s sectors working group, set up to undertake a strategic role in the development of payments in the UK.

The Council has just published its first national plan for UK payments, following an extensive public consultation period.

The Plan sets out the Council’s role in raising awareness of payment fraud and the need to review new technology and security measures. The Council has also committed to producing an annual assessment which will cover emerging threats and counter measures in payments fraud and security.

The plan also notes fraud data sharing, stating that the role of the Payments Council was “seen as facilitative, encouraging and supporting collaborative activity, particularly between the public and private sectors.” To this end the Council will review steps to facilitate fraud data sharing, with the review due to be completed in June 2009.

They plan also states the Council’s commitment to working towards a joined-up approach and collaborating with the National Fraud Strategic Authority, the ICO and other key stakeholders.

The full report can be obtained here:  http://www.paymentscouncil.org.uk/files/National%20Payments%20Plan%20May%202008.pdf

Fraud Data Sharing

192 Fraud-ID is a shared database where merchants pool information on fraudulent transactions. By sharing data merchants can be alerted in real time to previously identified fraudsters before they transact with them.

To find out more about Fraud-ID please see our PDF here.

For more information about how your company can get involved, please contact your Account Manager or contact us here.