Welcome to issue 124 of Payments:Unpacked, this premium subscriber edition features a podcast “Confirmation of Payee: Safer payments need service ubiquity”.
UK Finance report that the industry prevented £1.6 billion of fraud in 2020. It achieved this through sophisticated detection systems, initiatives like Confirmation of Payee and warnings at the point where the customer is about to make a payment.
Despite this, in 2020 we saw total fraud as reported by UK Finance members reach just over £1.26 billion. While we have seen figures for what we might call traditional fraud such as card and cheque fraud fall, we have seen increases in remote banking fraud and cases of authorised push payment (APP) fraud.
For the benefit of the PSP’s, to protect the payer and to thwart the fraudster surely Confirmation of Payee service ubiquity should be mandated by the regulator and not be left as an optional extra?
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The Payments:Unpacked newsletter and podcasts from Mike Chambers at Northey Point explore a wide range of the UK’s payment news including: Open Banking, Request to Pay, Direct Debit, Confirmation of Payee, Bacs, CHAPS, Faster Payments, LINK, cash, cards, cheques and Central Bank Digital Currencies (CBDCs) and unpacks the eco-system that supports the operation of these systemically important payment systems.