New P20 report calls for improved data collaboration across the industry to tackle fraud epidemic

Chatsworth client P20 has teamed up with industry heavyweights to provide recommendations to help tackle increasingly sophisticated fraud.

ts 20 (P20), the leading voice of the global payments industry, has published a new report entitled ‘Public-Private Data Exchange for Fraud Prevention: Best Practice Recommendations’ which calls for enhanced public and private sector data exchange using new methods and technologies to fight against increasingly sophisticated fraud.

It features contributions from leading organizations including J.P. Morgan, The Clearing House, McKinsey & Co., Featurespace, the Federal Reserve, FIS, Fiserv, UK Payment Systems Regulator, and Pay.UK on how the public and private sectors can work closer together to tackle the fraud epidemic.

In 2022, the Federal Trade Commission (FTC) highlighted consumers in the US lost nearly $8.8 billion to fraud, an increase of more than 30% over the previous year. In the UK, over £1.2 billion was stolen by criminals last year, equivalent to over £2,300 every minute.

While progress has been made to increase collaboration between the public and private sectors, the way fraud is currently tackled globally requires closer cooperation. Data is often held in multiple locations and data stores meaning a siloed, layered, complex system has evolved, requiring callouts to third parties. Efforts to collaborate on real-time data of transactions are also hampered by privacy laws such as GDPR, which uphold an individual’s fundamental right to privacy. This slows down attempts to combat fraud as soon as it is being committed.

Advancements and the adoption of new privacy-enhancing technologies (PETs) and artificial intelligence (AI) can not only help to resolve regulatory concerns of meeting privacy laws through protecting the consumer’s data but can also provide a further defensive armoury against modern cybercriminals. Beyond new technologies, increased engagement between public and private sectors on controlled data sharing could also help detect sophisticated fraud that any one organization can’t see alone.

Recommendations in the report, the third in a series from P20 on combating fraud and criminal transactions, include:

  • Develop and agree on a protocol and platform for the secure real-time exchange of data between FIs, government agencies, law enforcement, tech companies and telcos to help identify suspected fraud.
  • The government should issue regulatory guidance on responsible data sharing between entities and on standard data formats.
  • The industry should have For Your Eyes-Only access to law enforcement Suspicious Activity Reports (SARs).
  • The government should incentivise industries to expand and deepen AI machine learning technologies which can help detect fraud. This will allow the private sector to invest in more AI capabilities, and the entire ecosystem’s payments will be better protected.
  • Allow private sector access for the authentication of government data. The public sector holds a significant amount of data, which could be a resource to help prevent fraud.
  • The creation of a regulator-led forum to facilitate regular dialogue with the private sector on combating fraud to foster mutual understanding and build trust.
  • Government and industry should also work together to develop a fraud prevention protocol setting out circumstances when it is acceptable to override privacy law provisions.

Duncan Sandys, Chief Executive Officer at P20, commented: “Fraudsters are better organized than ever before and realize the importance of data to their efforts to swindle unsuspecting consumers and businesses. It’s becoming more difficult to defeat the criminals but the industry’s defence efforts could take a huge step forward if it was able to marshal data sets and collaborate more across borders. Organizations could create pain points for criminals which will slow their activity down and allow firms to build stronger defences to keep fraudsters at bay. Data is critical in this battle and we have worked with leading financial institutions, fraud experts and regulators to compile these recommendations which can help protect consumers from the deep financial and emotional impact of being a victim of fraud.”

Read the full report here: Public-Private Data Exchange for Fraud Prevention: Best Practice Recommendations


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