Home Data Protection Confirmation of Payee is coming to the UK, but will it protect bank customers from fraud?
Data Protection - January 1, 1970

Confirmation of Payee is coming to the UK, but will it protect bank customers from fraud?


The Payment System Regulator (PSR) has just announced that the UK’s six largest banks must check whether the name of the recipient of a transfer matches what the sender thinks. This new feature should help address a security loophole in online payments: the name of the recipient of transfers is ignored, contrary to expectations and unlike cheques.


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