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<p>The Government takes the issue of authorised push payment (APP) fraud, of which
romance fraud is one form, very seriously, and is dedicated to protecting the public
from this devastating crime. Working alongside the regulators, law enforcement, and
industry, the Government continues to support numerous fraud-prevention initiatives,
including the Payments Systems Regulator’s work to enhance information sharing between
payment providers.</p><p>Information sharing between firms plays a key role in identifying
scammers and preventing scams. As noted in the Home Office’s recent Fraud Strategy,
the Government, regulators and industry are working together to identify opportunities
for greater information sharing to better tackle fraud ‘up stream’. The PSR has set
up an industry working group, including Pay.UK and UK Finance, to agree what data
could be shared.</p><p> </p><p>In order to prevent APP fraud, HM Treasury is investigating
amending legislation to enable payment service providers such as banks to delay payments
beyond the existing legislative timescales in limited, high-risk fraud scenarios.
This will allow enhanced customer engagement to take place. This could enable firms
to take more of a ‘risk-based’ approach to payments processing.</p>
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