As benefactors of the project, Form3 will lead on industry collaboration among financial institutions to develop strategies to enable banks to deal with the ever-increasing threat of financial crime. This activity is timely, as UK-based customers lost £583 million to authorised push payment (APP) scams in 2021, up by 39% on 2020.

Nick Fleetwood, Head of Data Services, Form3, commented: “The scale of financial fraud shows no sign of slowing down. This working group will help foster collaboration and shape the agenda and discussion around combating fraud. This activity will also provide insights and opinions for those involved in leading the regulation of UK financial services as they tackle digital crime.”

Form3 felt it was best placed to support the industry in its fight against financial crime due to it being a leader in the payments space with new services being brought to market to meet the challenges of financial crime. This was recognised by the Payments Association, as it seeked a leading industry figure that already had strong relationships with major UK and international banks.

In terms of deliverables, Form3 will coordinate the group’s activity to produce insights and research, white papers, webinars and reports offering guidance on tackling UK financial crime in partnership with the Payments Association.

“The only way we solve the problems of payments-related financial crime is if companies support the community’s work.’ said Tony Craddock, Director General, Payments Association. ‘And Form3 is providing this support for the year ahead, acting as a catalyst for coordinated action. That’s leadership, the payments way.”