12-03-2008
Payments association tackles fraud with new unit
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UK payments association APACS has announced a new intelligence database that will help combat fraud, along with an "enhanced intelligence unit".
The Payment Industry and Police Joint Intelligence Unit (PIPJIU) is aimed at addressing all types of banking fraud through cooperation with the City of London and Metropolitan Police.
It forms part of the Dedicated Cheque and Plastic Crime Unit (DCPCU) and is headed up by Detective Inspector Graham Goodwin and a team of 15 members from the banking and crime reduction industries.
Information sharing between the banking industry and police will also be made easier through the new database system, APACS said.
Vernon Coaker, Home Office minister, welcomed the new initiatives, adding that the Home Office was "delighted to see such commitment to driving down fraud".
DCI John Folan, head of the DCPCU, added that he was confident the new system and unit would "aid efficiency and help in the ongoing fight to combat all types of banking fraud".
According to the APACS website, based on the latest figures on fraud from the organisation, 2006 saw total card fraud losses fall by three per cent to a level of £428 million.