An invitation: Synthetic data and the mission for combating APP fraud
Synthetic data-sets provide a ground-breaking tool to help firms test and scale innovative solutions to combat fraud. The Financial Conduct Authority (FCA) and the City of London are delivering a synthetic data-set, focused on Automated Push Payment (APP) fraud solutions, to be hosted on the FCA’s permanent sandbox.
In the modern digital landscape, data is the currency that buys clarity and mitigates risk. It drives innovation, decision-making, and propels sectors like fintech to unprecedented heights. One such evolution on the horizon is the advent of synthetic data. As the City of London Corporation continues to safeguard London and the UK as the leading fintech jurisdiction, understanding the vast potentials of synthetic data becomes imperative.
This dataset, which replicates real transactional behaviours while upholding stringent privacy standards, is now accessible within the FCA’s Permanent Digital Sandbox.
The urgency of addressing APP fraud cannot be overstated, with losses soaring to £485 million in 2022 alone. The availability of this synthetic dataset within the FCA’s Digital Sandbox represents an important step forward. It provides successful applicants, from well-established corporations to budding start-ups, with a well-tooled support system. This includes expert mentorship, opportunities to showcase developments, and invaluable networking within the financial ecosystem.
The FCA Digital Sandbox has been designed to facilitate innovation, offering dedicated data access and mentorship pathways. Additionally, a series of showcase and collaboration events are planned, providing a stage for live product demonstrations and fostering interactive partnerships.
This initiative is not limited to financial institutions; technology companies and other stakeholders are equally encouraged to participate. Whether your interest lies in refining products, providing insightful feedback on the data, or engaging in this transformative journey in other capacities, your involvement is crucial.
Please note, the deadline for the initial round of applications is 4pm on Friday 29 December 2023, with a subsequent round slated for the New Year.
We also invite you to review the enclosed one-pager detailing the registration process for the sandbox. If you are interested in contributing as a mentor or require additional information, please contact Leighton Hughes at the City of London Corporation ([email protected]), who will be delighted to assist.
Together, we can make significant strides in combating APP fraud.
