Financial Crime 360 Workshop: Exploring the Relationship Between Open Banking and Fraud

Please note: You must be registered for Financial Crime 360 to attend this event. If you aren’t registered for Financial Crime 360, your registration will be declined.

This interactive workshop aims to examine the interplay between the rise of open banking in the UK and the growing concerns and losses from fraud. Participants will discuss the increase in fraud levels, the key threats and challenges, new fraud prevention initiatives and best practices, plus the impact of changing liability rules.

Open banking has driven financial innovation in the UK but has also introduced new fraud risks. Some financial institutions fear the risks may outweigh the rewards, particularly with rising cases of Authorised Push Payment (APP) fraud and new liability rules. Indeed, according to The Payments Association’s Financial Crime 360 findings, 80% of participants in open banking listed fraud as the biggest challenge defining financial crime in the next 12 months. The Digital Information and Smart Data (DISD) Bill aims to address some of these concerns by strengthening data-sharing frameworks and introducing smart data schemes to secure consumer data and enhance fraud detection.

Jane Jee and Jan Van Vonno, TPA’s open banking and financial crime working group leads, and TPA Ambassador Mark McMurtrie will facilitate these discussions with a range of TPA members who have in-depth knowledge and interest in open banking and financial crime.

Join the workshop to discuss:

• Key findings from the Financial Crime 360 survey
• The major threats and challenges
• The status of industry initiatives
• New ways to strengthen fraud prevention including through greater data sharing, tools and technologies
• The impact of new regulations and regulatory guidance
• How the UK can maintain a market leadership position

Agenda

• 09:30 – Welcome remarks from Working Group Leads
• 09:40 – Interactive roundtable discussions
• 10:20 – Conclusions shared
• 10:30 – Closing remarks & finish

*Complimentary breakfast, teas and coffees will be served during this event.