Confirmation of Payee: Why it’s as important for your bank as it is for you
Does your bank have confirmation of payee in place? Whether it’s a small tick, or a logo, the fact your bank confirms the sort code and account number match is as important for your payment as it is for them. Authorised push payment (APP) fraud is a scam where the victim is tricked into making large bank transfers to an account posing as a legitimate payee, and the cost of this fraud is usually covered by the banks. This episode on the Payments Podcast reviews how CoP is impacting not only the top 6 banks, but the challenger banks in the market, and where the future lies for this regulation.