04 November 2016
Fighting fraud with payments data
Building on VocaLink's position as trusted provider of secure and reliable payments processing solutions, our new insights business, Accura seeks to find innovative solutions using payments data that will improve outcomes for people, businesses and the wider economy - including protection against fraud.
Feedback from stakeholders, including financial institutions, confirms interest in using payments data in this way, but we wanted to better understand what the public thinks about this.
Jim Wadsworth, Managing Director of Accura, said: “Fraudsters target the UK’s payments infrastructure to fund their criminal activities. In the process, they cost businesses, people, financial institutions and government departments huge amounts of money and distress every year. Every minute of every day, simply by going about our normal day-to-day activities, we generate information through the payments that we make. Significantly, this data can be used to develop solutions that solve everyday problems which affect us all – for example, to aid the fight against fraud.
“The use of data, however, can be a contentious issue and we wanted to hear from people their views on the use of payments data to develop anti-fraud solutions. For example, do people know how their data is being used already to identify fraudulent activity? Do they think they’ll personally benefit from data being used in this way? What concerns do people have about this? And how can any concerns and suspicions be allayed?
“The results are extremely informative and will help the entire industry to move forward and engage with people on the use of data to fight fraud.”
Please click here to download a copy of the report.
If you would like to further discuss our research or learn more about our anti-fraud solutions, please contact Jim.Wadsworth@VocaLink.com.