Unclassified documents

Committee: ZZ/3
Origin:
Close date: 30/06/2017
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This PAS gives recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud and financial abuse.

The PAS gives guidance on how to recognize customers who might be at risk from fraud and financial abuse, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm.

In cases where fraud or financial abuse has already occurred, the PAS gives guidance on how to help and support customers, and how to minimize future risks.

This PAS does not cover financial services provided to businesses, organizations that only hold, manage or process personal data, or the sale of products and services by retail organizations. It does not cover financial services based outside the UK, even if they are providing services to UK consumers.

The PAS is applicable to any size or type of organization in the UK that manages the money or other financial assets of UK consumers, in particular banks, building societies, credit card providers, credit unions, and pension providers.

NOTE 1 The PAS could also be of interest to local authority social services departments.

NOTE 2 This PAS cannot help organizations to prevent fraud or financial abuse from external threats, but aims to help them minimize or prevent the financial harm experienced by customers as a result of these activities.

NOTE 3 Fraud or financial abuse can involve transactions which are not authorized by the customer, or are authorized by a customer who has been deceived or socially engineered by a criminal.