What is this PAS about?
In the light of widespread financial crime, the PAS aims to help organizations protect customers from financial harm, by identifying good practice in systems and procedures to prevent and detect fraud and financial abuse, recognizing customers who might be susceptible to risk, and advising on the best way to respond to certain situations.
Who is this PAS for?
It applies to any size or type of UK organization managing the money or other financial assets of UK consumers, in particular:
- Banks
- Building societies
- Credit card providers
- Credit unions
- Pension providers
It could also be of interest to local authorities across the UK that provide social care services as well as to law enforcement agencies.
Why should you use this PAS?
Because it provides detailed recommendations, guidance and a comprehensive checklist for organizations that want to implement change or to achieve or maintain levels of good practice. Specifically it gives organizations:
- Recommendations for protecting customers from financial harm that might occur as a result of fraud or financial abuse
- 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
- Guidance on how to help and support customers, and how to minimize future risks, in cases where fraud or financial abuse has already occurred
NOTE 1: 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.
NOTE 2: 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 service providers operating outside the UK, even if they are providing services to UK consumers.
