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Category: Confirmation of Payee

Confirmation of Payee 0

APP fraud losses hit £456 million in 2019 as the implementation of Confirmation of Payee is delayed

Authorised push payment (APP) fraud is soaring, in 2019 there were 122,437 APP fraud cases in the UK, with losses hitting £456 million, up from £354 million in 2018. Of particular note is the sobering fact that financial providers only returned about a quarter of losses (£116 million) to victims. UK Finance (the body that represents banks and other financial […]

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Five helpful tips for a successful Confirmation of Payee name check

Payment friction Confirmation of Payee (CoP) is an account name checking service that the UK banks are currently introducing to online banking payments. The service is intended to give businesses and consumers greater assurance that they are sending payments to the intended recipient. Confirmation of Payee is expected be an effective way of combatting Authorised Push Payment Scams (e.g. where a […]

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Confirmation of Payee 101

What is Confirmation of Payee? Confirmation of Payee (CoP) is an account name checking service that the UK banks will be introducing to online banking payments by the end of March 2020. The Confirmation of Payee service is intended to give businesses and consumers greater assurance that they are sending payments to the intended recipient. Whilst not a silver bullet, […]

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Confirmation of Payee – regulatory direction varied ahead of launch

UK Finance report that the finance industry prevented £820 million of unauthorised fraud in the first half of 2019, up 14 per cent on the previous year. Over the same period, UK Finance report that £408 million was stolen by criminals through unauthorised card, remote banking and cheque fraud and a further £208 million was lost to authorised push payment […]

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Confirmation of Payee: It’s not a silver bullet but every little helps…

The big picture UK Finance claim that the banking industry stopped £4.5 million of fraud a day in the first half of 2019 – that’s a whopping £820 million of unauthorised fraud prevented. On top of this £408 million was stolen by criminals through unauthorised card, remote banking and cheque fraud. These eye watering numbers continue to add up as […]

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Confirmation of Payee – last chance to vote

It’s less than 50 days until the implementation of a fundamental change in the way we make online payments. Confirmation of Payee seeks to reduce fraud and mitigate keyboard errors. It may also signal a shift in liability when things go wrong. But has your bank told you about Confirmation of Payee (CoP) yet? Vote now: https://twitter.com/_mike_chambers_/status/1227535949242019847?s=12