Payments watchdog eyes wider adoption of anti-scam rules

By Irene Madongo (May 25, 2022, 6:41 p.m. BST) – The payment systems regulator has proposed to require 400 more companies to implement anti-fraud rules, citing concerns that the measures on a voluntary basis in a context of increasing scams.

The watchdog said on Tuesday it wanted to order companies to implement so-called payee confirmation, or CoP, requirements. These were designed to prevent misdirected payments and authorized push payments or APP fraud, where scammers trick people into sending them a payment to a bank account they control.

The measures, which consist of verifying that the name of a beneficiary’s account matches the contact details provided by a payer, have been…

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