The Challenge

Authorised Push Payment (APP) fraud is skyrocketing, with losses in the UK of over £1bn in last 2 years. With new PSR regulation enforcing compulsory APP Fraud reimbursements coming in 2024, financial services organisations are challenged to come together and innovate in the fight against APP fraud, against a backdrop of data scarcity, privacy and security challenges. 

 The Solution

The Financial Conduct Authority (FCA) has turned to AI-simulated synthetic data to enable the creation and sharing of rich, multi-industry data needed to drive safe innovation in APP fraud detection and prevention. 

The Aizle synthetic data engine is powering an APP fraud synthetic dataset accessible via the FCA’s Permanent Digital Sandbox, enabling analysis & innovation to help fight fraud.  

The benefits

• Synthetic data is a powerful solution to the issues of data scarcity, accessibility and privacy in financial services. 

• FCA innovation sandbox populated and updated regularly. 

• Tech sprints ignite innovation. 

• Zero risk or privacy concerns 

• Increased velocity of new solutions 

• Forum for sharing and collaboration. 

• Powering industry-led solutions