Restricting the initial implementation of the UK’s anti-fraud name check system could distort the market and even help fraudsters better target their activities, the country’s finance industry group has warned.
In response to spiralling authorised push payment (APP) fraud, the payments industry and regulators have developed specifications for the operation of a long-awaited confirmation of payee (CoP) system that will allow payers to check the name of the person to whom they are sending money.
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