Confirmation of Payee: All You Need to Know in 2024
Launched in 2020, the Confirmation of Payee was implemented to tackle the increasing numbers of APP Fraud in the landscape of the UK which has now been adopted by Payment Service Providers (PSPs), building societies, and several banks in the UK.
🔒 Protecting Against APP Fraud: The Latest from PSR 🔒
A new update is released by the Payment Systems Regulator (PSR) focused on strengthening protection against Authorised Push Payment (APP) fraud under the Faster Payments system. Interestingly, the new policy includes a reimbursement requirement for significant benefits to consumers and businesses alike.
CoP solves the growing problem of APP fraud for banks in the UK
Authorised Push Payment (APP) fraud has spread like wildfire in the UK. According to UK Finance, APP fraud increased from £208 million in the initial months of 2020 to £355 million in 2021. The trend followed in the second half of 2021, with APP fraud reaching £819 million. This growth in APP scams is staggering […]
‘Confirmation of Payee’, a.k.a. CoP is combating APP fraud
A drastic surge in Authorised Push Payment (APP) fraud took over the world with a storm during the pandemic. The fraudsters searched for innovative ways to target people and attack their banks and financial institutions for APP fraud. Worldwide lockdown increased digital payment transactions, which worsened the situation irrespective of innumerable security steps integrated by […]