New partnership to tackle financial fraud using synthetic data
Smart Data Foundry has been selected to partner with the FCA and the City of London Corporation to provide cutting-edge synthetic data in support of their drive to encourage innovative solutions to tackle the problem of Authorised Push Payment (APP) Fraud.
Smart Data Foundry’s leading-edge aizle® synthetic data engine is being used to create an APP fraud synthetic dataset that can be accessed via the FCA’s Permanent Digital Sandbox.
APP Fraud scams happen when someone is tricked into sending money to a fraudster posing as a genuine person. £485.2m was lost to APP Fraud scams in 2022 which accounts for 40% of all financial fraud losses in the period. This has a devastating impact on the victim, with fraudsters often preying on the financially vulnerable.
The FCA and the Payment Systems Regulator (PSR) ran a TechSprint in September 2022 that focused on this problem, and Smart Data Foundry has continued to develop their APP Fraud synthetic dataset that was first used for the September event. Having access to representative and relevant data that brings to life the end-to-end lifecycle of APP Fraud is a critical element to enable innovators to test ideas, build proofs of concept and test models using the data.
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry said “We focus on creating high utility synthetic data to enable innovation within the financial services industry. We are delighted to continue partnering with the FCA with our APP Fraud datasets to help play a part in tackling this growing problem and to help ignite and accelerate innovation in this space.”
Read the latest DDI news
The renowned EIE event which aims to give investors and entrepreneurs access to the Scottish…
Heriot-Watt University’s National Robotarium facility for robotics and AI took home the Project of the…