In John Bertrand’s latest article on Confirmation of Payee he notes that banks / PSPs (Payment Service Providers) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters.
Inspired by Shakespeare, John wonders:
To CoP, or not to CoP, that is the question
Whether ’tis nobler in the mind to suffer
The slings and arrows of outrageous scams,
Or to take arms against a sea of fraudsters
And by opposing end them delay
In his blog, John concludes by suggesting that the UK has the opportunity to lead in preventing fraud in Faster Payments by tackling the whole fraud process covering banks, PSP and Open Banking’s Third-Party Providers.
By implementing Confirmation of Payee (CoP) across the bank/PSP John believes that the industry will set the stage for a consistent and uniform process that goes a long way to preventing digital payment fraud. This establishes a new standard in the UK and in all likelihood for the rest of the world.
Read John’s blog: