The UK's payment landscape is undergoing a rapid transformation. While regulatory initiatives, such as the mandatory authorized push payment (APP) reimbursement scheme, provide safeguards, sophisticated cyber-attacks and elaborate scams relentlessly evolve.
To reduce fraud, strong data-sharing frameworks and collaboration across the financial services industry are essential. Collaboration between big tech, telecoms, banks and the public sector can help combat fraud through a joined-up approach to data-sharing aimed at driving out scammers and identifying potentially fraudulent transactions.
