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fraud bulletin


Fraud prevention tool ‘Confirmation of Payee’ (CoP) 

The Confirmation of Payee will be extended to a further 400 financial firms by mid-2024 under new plans outlined by the Payment Systems Regulator (PSR), Which? Money reports.  Many people incorrectly assume that their bank will warn them if they make a mistake when they send an electronic payment. But, if a firm hasn't implemented CoP, it can't check if the name you enter matches the account details.  So, one slip of the finger and you could transfer the lot to a total stranger.  This also makes life easier for fraudsters who impersonate genuine firms, safe in the knowledge that banks without CoP won't flag a mismatch.  With APP fraud overtaking card fraud in the first half of 2021, and victims losing £28,203 an hour, Which? has repeatedly warned that CoP is a crucial layer of protection that all payment firms should implement to help prevent scams.

 


How do I get money back that I’ve sent to the wrong bank account?
If you've accidentally transferred money to the wrong bank account there is a code of best practice your bank should follow when trying to recover your money. A code of best practice on ‘misdirected payments’ has been introduced, and it outlines how your bank should act in the unfortunate event that you send money to the wrong account. It's the first time banks have agreed a common process to recover money transferred to the wrong account. Although this is good news for bank customers, the new code doesn’t guarantee that you’ll always recover any money paid in error. But you should know what’s happening quickly so you can take further action if you need to or get help if you wish to seek legal advice.


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Message Sent By
Margaret Sumner
(Cheshire Police, PCSO, Widnes LPU - Broadheath)

Neighbourhood Alert Cyber Essentials