UK Payment System Regulator unveils new rules to fight authorised push payment fraud

The UK’s Payment System Regulator has just unveiled new rules and legislation targeting authorised push payment (APP) fraud, marking a pivotal moment in the fight against fraud.

To tackle the growing number of fraudsters tricking individuals and businesses into sending money to an account controlled by them, the regulator has named Confirmation of Payee (CoP) as a “vital protection” to stopping fraud, by checking whether the name of a payee’s account matches the name and account details provided by a payer.

The regulator delivered a stern word to banks and building societies, now obligated to take their protections to the next level by making sure the CoP service is available to all of their customers by the end of this month.

This is welcomed news to CEO and Co-Founder of leading Confirmation of Payee provider SurePay, David-Jan Janse, who has long been sounding the alarm on the large gaps that still remain across the payment landscape.

Having launched in the UK with NatWest and later expanding their service to support HMRC with millions of COVID-19 related payments, SurePay is drastically improving the ease of use and security of online payments for both consumers and businesses.

Kindly shared by SurePay

Main article photo courtesy of Pixabay