On 27 September 2023, the City of London Corporation and the FCA announced the launch of an authorised push payment (APP) synthetic dataset to develop products and services that can minimise fraud.

The dataset will be hosted on the FCA’s permanent Digital Sandbox and provides a foundation to better understand how useful data could be shared to reduce barriers to tackling fraud. The dataset allows analysis of rare patterns of behaviour to progress the understanding of synthetic data’s role as a new regulatory and compliance tool. It will be available on the FCA’s Digital Sandbox available for firms to access.