The new collaborative agreement, which will run until September 2025, will expand the FCA’s data capabilities, with access to more synthetic datasets, and help the FCA to test new protocols, developed to make it more difficult for cyber criminals to defraud bank account holders.

Aizle will continue to supply the FCA with synthetic data, which is artificially generated data that mirrors the characteristics and patterns of real-world data without exposing any actual personal information. It is designed to serve as a substitute for real data, especially in contexts where privacy, security, and data scarcity are concerns.

Over the past three years, Aizle has supported the FCA in various initiatives, including the Green FinTech Challenge 2021 and the APP (Authorised Push Payment) Fraud TechSprint. Most notably, Aizle’s APP Fraud dataset served as the flagship dataset during the launch of the FCA’s Permanent Digital Sandbox, now known as the FCA Innovation Platform, which supports innovators at various stages of product development. Since its introduction, the APP Fraud dataset has been accessed over 111,000 times, supporting 61 users and 38 projects, with 20 of those specifically focused on fraud.

David Tracy, Aizle head of data products, said: “This new agreement marks a significant step forward in enhancing the scope and utility of our datasets, in alignment with the FCA’s strategic focus on Consumer Duty regulation which sets high standards of consumer protection across financial services, and requires firms to put their customers’ needs first.”

Under the new licence, Aizle will provide expanded data packages, offering more comprehensive synthetic data regarding individuals’ employment, income, and potential vulnerabilities.

Additionally, Aizle will supply detailed data on lending products such as loans and credit cards, enabling Digital Sandbox users to analyse and leverage the data to foster improved Consumer Duty compliance and outcomes.

Aizle will continue to offer its APP Fraud dataset, which empowers users to model, detect and mitigate eight types of APP scams – including romance, investment and bank impersonation scams. The dataset spans a two-year timeline, covering the bank account and transaction data of 20,000 synthetic individuals, and consists of millions of lines of data.

In a pioneering move, the FCA will be the inaugural user of the new Aizle 2.0 platform. This innovative tool will allow the FCA to generate custom versions of the data, facilitating bespoke experimentation, research, and collaboration and exemplifies Aizle’s dedication to providing cutting-edge solutions that address the evolving needs of our customers.

Matt Lowe, FCA innovation lab manager, said: “The FCA is excited to continue its collaboration with Aizle driving forward initiatives to protect consumers and aid regulatory compliance.

“We remain committed to exploring new ways to leverage synthetic data to support beneficial innovation for the public good, and we look forward to the positive impact this collaboration will have on the financial services industry.”

For more information on how to apply and access the dataset, visit the Digital Sandbox webpage.