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Banks Roll Out Confirmation of Payee Across Australia to Crack Down on Scams

The Fintech Times

Banks across Australia are officially rolling out Confirmation of Payee, the name-matching service designed to protect customers from being tricked into sending money to criminals. After investing around $100million in the technology, banks in Australia hope Confirmation of Payee will help keep local consumers’ money safe.

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IFX Payments selects Form3 for its Verification of Payee solution

The Paypers

Following this announcement, the collaboration is set to enable IFX Payments to leverage Form3’s Verification of Payee (VoP) solution for SEPA accounts, aiming to strengthen its defences against payment fraud and aligning with the Instant Payments Regulation mandate.

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This Week in Fintech: TFT Bi-Weekly News Roundup 03/07

The Fintech Times

With over 25 years in enterprise tech and cybersecurity, Pearson will lead global sales and customer success as the company scales. Banqup Group has partnered with global payee verification provider iPiD to enhance payment security and combat invoice fraud across its digital platform.

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Australian Payments Plus Advances Toward Confirmation of Payee Implementation With Swift

The Fintech Times

Australian Payments Plus (AP+) and the Australian Banking Association (ABA) have completed the design of the new Confirmation of Payee (CoP) service which will enable people paying to an account with a name, BSB and Account number to confirm the account name of the payee before the payment is made.

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KPMG Combats B2B Payments Fraud With Secure Payments

PYMNTS

A press release said KPMG is collaborating with cybersecurity provider nsKnox to roll out its KPMG Secure Payments tool, distributed and serviced by KPMG Israel. KPMG will connect corporate clients to nsKnox’s suite of cybersecurity tools and provide real-time detection and blocking of fraudulent transactions.

B2B
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NEW REPORT: Can Smarter Payments Kill Off Timesheets?

PYMNTS

Dunkin’ Donuts (soon to be simply Dunkin’) recently learned of some holes in its cybersecurity operations. In the new Smarter Payments Tracker , PYMNTS explores the latest efforts by banks and businesses to keep payments data secure from fraudsters, cybercriminals and other bad actors. Around The Smarter Payments World.

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Payments Processor nCourt Left Years Of Data Exposed

PYMNTS

The data included payees’ names, email addresses, phone numbers, payment card types, the first and last four digits of the card number, and the card’s expiration date. Some records included dates of birth for payees and partial bank account numbers if a checking account had been used to pay.