§ Mr. FieldTo ask the Secretary of State for Social Security (1) pursuant to his answer to the hon. Member for Heywood and Middleton (Mr. Dobbin) on 7 March 2000,Official Report, column 612W, on what date he estimates these savings in respect of instrument of payment fraud will be achieved; [114689]
455W(2) pursuant to his answer to the hon. Member for Heywood and Middleton (Mr. Dobbin) on 7 March 2000, Official Report, column 612W, on what is the basis for his calculation of the amounts automated credit transfer will save from the elimination of instrument of payment fraud. [114668]
§ Mr. Rooker[holding answer 14 March 2000]: The move to Automated Credit Transfer as the normal method of payment will bring significant savings from reduced levels of fraud. The move will begin in 2003, but full savings will not be realised until 2005, when the transition from current paper based methods of payment is complete.
Anticipated savings from the elimination of instrument of payment fraud are based on estimates of current losses due to the fraudulent encashment of girocheques and order books, and our best estimate of the potential for further losses.