APACS announces new fraud fighting unit

The UK payments association, APACS, has announced the creation of the Payment Industry and Police Joint Intelligence Unit (PIPJIU) as part of a banking industry £5 million contribution to fighting fraud. It comes as the result of an amalgamation of the banking industry’s Fraud Intelligence Bureau (FIB) which previously distributed information between the banking industry and law enforcement throughout the UK, and the intelligence section of the Dedicated Cheque and Plastic Crime Unit (DCPCU). Launched in April 2002, the DCPCU has been responsible for more than £230 million in savings from reduced fraud activity and has recovered more than 244,000 counterfeit cards and card numbers. It has also secured 156 convictions and made almost 400 arrests on fraud-related matters.