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14th May 2019
Finance industry supports the new Confirmation of Payee service
The Payment Systems Regulator (PSR) has announced it is consulting on giving a specific direction for the implementation of Confirmation of Payee (CoP), with the aim of introducing the new payments security scheme by 31st March, 2020.
CoP is an important tool to help prevent payment fraud and accidentally misdirected payments and works by checking if the name of the account the payment is being sent to matches the name entered. It is understood that this initiative will provide customers with better protection from authorised push payment (APP) scams, which cost customers and businesses £354.3m in 2018 according to UK Finance’s "Fraud: The Facts" report.
Responding to this announcement, a UK Finance spokesperson said: “Confirmation of Payee is a major technical change to digital payments and another important tool in the fight against fraud, so it is vital that we get it right.
“The finance industry supports the new service and the Payment Systems Regulator’s revised timetable which will help deliver the best possible outcome for consumers and small businesses, while ensuring there is sufficient time for it to be introduced in a way that delivers an effective customer experience.
“However, it is not a silver bullet, which is why the industry will continue tackling fraud on every front, investing millions in advanced security systems to protect customers and to support law enforcement in combating the organised criminal groups responsible.”