The landscape of financial fraud in the UK

This is the inaugural episode of a special FinTech Scotland Podcast Series, co-hosted with with Charlotte Moir fromBT.

This episode highlights the launch of the new FinCrime Innovation Programme, tackling the pressing issue of fraud and financial crime.

We’ll unpack the impact of fraud in 2023, with £460 million lost to APP fraud in the UK, and discuss the implications of the new PSR mandatory reimbursement scheme introduced in October 2023. This landmark change enforces stricter rules within Faster Payments, ensures a shared responsibility between payment firms, and provides enhanced protections for customers, especially the vulnerable.

Our guests bring diverse insights into the fight against fraud:

• Lauren Cassells, Research & Programme Innovation Manager at FinTech Scotland, discusses the collaborative efforts of the FRIL initiative and its industry-wide engagement.

• Brian Webb, Chief Security Officer for Consumer at BT, shares BT’s strategies in combating fraud and fostering innovative partnerships.

• Paddy O’Keefe, Economic Crime Public & Private Partners Manager at Virgin Money, explores Virgin Money’s initiatives to ensure comprehensive fraud reporting and prevention.