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Anti-Fraud Tool Confirmation of Payee Expanded to Hundreds of More Firms

Fintech Finance

Today, the Payment Systems Regulator (PSR ), marks another significant milestone in its fight to tackle fraud, as hundreds of additional financial firms adopt the name-checking service, Confirmation of Payee (CoP). has created the rules and standards for CoP, supporting industry with its expansion. CoP is a Pay.UK

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On-Demand – The final countdown: What’s next for Verification of Payee?

Finextra

Webinar The final countdown: What’s next for Verification of Payee? The Verification of Payee (VOP) deadline is just around the corner. Could VoP become the global standard for payee verification, similar to how GDPR reshaped data privacy? However, the need for Payee Verification, aka KYP (Know Your Payee), goes beyond Europe.

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EPC Selects Swift for the EPC Directory Service

Fintech Finance

The EPC VOP scheme relies on exchanging VOP messages between payer and payee PSPs in accordance with the rules set out in the VOP rulebook and implemented on the basis of application programming interfaces (APIs) designed by the EPC.

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LSEG Risk Intelligence Deploys Account Verification to Tackle Payment Fraud

Fintech News

Originally introduced in the United States in October 2024, GAV verifies whether payee and account details match before transactions are processed, helping businesses and individuals prevent fraudulent transfers. The expansion comes as regulators tighten rules on fraud prevention and reimbursements.

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Clock ticking on confirmation of Payee rollout in the UK and EU

The Payments Association

The timeline for tranche two of the institutions mandated by the PSR to join the CoP service in the UK is imminent (SD 17 requires that named organisations have implemented solutions by 31st October 2024), with the EU releasing their draft Verification of Payee (VoP) rule book for consultation (which closes 19th May 2024), and is expected to enter (..)

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New Report From PSR Shows How Fraudsters Exploit Major Platforms to Scam Consumers

Fintech Finance

APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. In October 2024, the PSR introduced new reimbursement rules, ensuring a world-leading level of protection for UK consumers. Preventing Authorised Push Payment (APP) scams is one of the Payment Systems Regulators (PSR) top priorities.

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International Fraud Awareness Week: PSR Research Shows Reimbursed Fraud Victims Feel More Vigilant About Fraud Risks, Not Less

Fintech Finance

As part of these rules, both sending and receiving firms share reimbursement costs equally, encouraging them to share intelligence behind the scenes to stop or delay high-risk payments. Increased transparency through data: The PSR’s annual APP fraud performance data shows consumers how effectively banks handle fraud.