WhenMonday, January 25th from 6:00pm until 8:00pm, UK time
WhereOnline symposium via Zoom.
FormatThere'll be a great line-up of speakers plus ample scope for discussion and debate
Why should you attend
Authorised Push Payment Fraud (APPF), occurs when scam and fraud victims are manipulated into making payments to fraudsters, typically through compelling, cunning and often creative acts of trickery and deception. Nobody should feel entirely safe from the risk of APPF; because nobody is... [READ MORE ↓ ]
Given that fraud as a whole is reputed to to make up over a third of all crime in the UK; and that only 1% of policing is targeted at dealing with it, there can be no surprise that scamming and the perpetration of fraud is seen as a highly lucrative, low-risk ‘career-choice’ for criminals. Scams and fraud are clearly big and growing problems for society and they impact people from all walks of life.
Within that, Authorised Push Payment Fraud is a particular problem – in just 6 years, from 2014 to 2019, Authorised Push Payment Fraud (APPF) grew from something that wasn’t even recognised as a serious challenge, to a collection of scams and frauds that amounted to £455m in 2019. This was a 28% increase on 2018 and a 93% increase on 2017.
An estimated 300,000 victims lost c.£1.3bn in the period 2014-2019, with the top 15% (i.e. 45,000 people) suffering losses that averaged over £22,000.
Our symposium will be led by recognised subject-matter expert Richard Emery and will include input from Peter Gibson MP, Chair of the APPG on Personal Banking and Fairer Financial Services.
The event covers four major challenges and briefly considers eight other topics. It will be a first class opportunity to be immersed in subject-matter expertise on this subject and it is very likely to leave you wanting the well-considered reforms that will be proposed.
Eight of the banks introduced the Contingent Reimbursement Model (CRM) as a voluntary Code of Practice on 28 May 2019. Designed to increase protection against APPF and provide reimbursement to victims; it has been nothing less than a disappointment. It needs urgent review, better regulation and 100% coverage.
The Payment Systems Regulator ‘Directed’ nine major banks to implement Confirmation of Payee (CoP). Although CoP is a very important step forward in fraud prevention it cannot deliver its full potential because of its limited implementation. Fraudsters quickly learn to open accounts with non-CoP banks so their victims cannot benefit from CoP. This must change.
We assert that the banks have been Grossly Negligent since 2014, in that they have been ‘indifferent to the obvious risk of APPF’ by making their customers rely on unverifiable sort codes and account numbers. This past failure must not be swept under the carpet. We propose that the banks establish an Historic Reimbursement Scheme, either by choice or by compulsion.
Instant payments may be very useful, but ‘Faster Payments = Faster Fraud’. We propose that the banks should delay the first high value payment until 24 hours after a New Payee is created. Such as change is permitted under the current regulations, contrary to what the banks and UK Finance may tell you.
The eight ‘other topics’ are Bank Identification, Account Opening, Active Account Monitoring, Disclosure of Beneficiary Account Details, Norwich Pharmacal Orders, Complaints About Beneficiary Banks, Repatriation of Stolen Money and Regional Economic Crime Teams.
Altogether, our event will act as the ideal forum in which to have candid yet constructive debate about what could and frankly should be done to protect the public from the scourge of Authorised Push Payment Fraud.
Richard Emery’s presentation will cover four major challenges and will briefly consider eight other topics.
Here's the programme and timings so far...
Welcome to the symposium, introductions and initial exploration of the main issues; plus “Why we must rebuild trustworthiness and confidence in financial services; and how we can do it” by
Andy Agathangelou, Founder, Transparency Task Force; Governor, Pensions Policy Institute; Chair, Secretariat Committee, APPG on Pension Scams; Chair, Secretariat Committee, APPG on Personal Banking and Fairer Financial Services
Presentation #1, for 45 minutes + 10 minutes Q&A/Discussion by
Richard Emery, Bank Fraud Consultant, 4Keys International
Short leg-stretch and comfort break, for 5 minutes
Presentation #2, for 10 minutes + 5 minutes Q&A/Discussion by
Peter Gibson MP, Chair of the APPG on Personal Banking and Fairer Finance
Presentation #3, for 10 minutes + 5 minutes Q&A/Discussion by
Professor Keith Brown, Founding Director of the National Centre for Post Qualifying Social Work and Professional Practice
The “Just a minute”-round
Inspired by the BBC Radio 4 programme, we have asked a selection of our attendees to spend just a minute sharing their thoughts on what has been covered during the symposium. But unlike the Radio 4 programme our speakers won’t be penalised for hesitation, repetition or deviation!
Final conclusions; and suggested next steps and close to the formal proceedings.
However, for those that want it…
8:00pm GMT until 8:30pm GMT
….informal, unstructured networking and informal conversation; a “fireside chat” amongst friends as it were
*The programme will continuously evolve so is subject to change.