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<p>Fraud poses a major threat to the UK, with over 3.6 million estimated inci-dents
of fraud in 2018. The Government is committed to tackling this crime, but no single
body can do this alone. This work demands a truly collaborative approach within both
the public and private sector.</p><p>The Joint Fraud Taskforce (JFT) was established
in 2016 as a coalition of government, regulators, law enforcement and the private
sector to tackle fraud collaboratively. It has delivered initiatives like the Banking
Protocol, which is a rapid response scheme between high-street banks and the police
to identify frauds in action. This initiative has prevented over £48m from falling
into fraudsters’ hands, leading to over 400 arrests.</p><p>Further action is being
taken by regulators and industry to increase payments security and reduce fraud. From
14 September of this year, supplementary rules to the second Payment Services Directive
- the Strong Customer Au-thentication regulatory technical standards – will apply.
Payment service providers (e.g. banks) will be required to apply multi-factor authentication
to higher-value and higher-risk electronic transactions, which should reduce incidents
of fraud.</p><p>The payments industry is undertaking further work to help prevent
Authorised Push Payment (APP) scams from occurring. The Confirmation of Payee (CoP)
initiative is the industry agreed way of ensuring that names of recipients are checked
before payments are sent and received. Industry are developing the service so that
CoP can be implemented by payment providers during 2019.</p>
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