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Modulr launches Confirmation of Payee to help fight fraud

Wednesday 2 September 2020 14:55 CET | News

UK-based fintech Modulr has launched Confirmation of Payee, a fraud prevention initiative spearheaded by Pay.UK.

The feature provides an extra layer of defence to protect Modulr’s customers from malicious redirect payment fraud, also known as authorised push payment (APP) fraud. This is the second Modulr product launch to come out of its GBP 10 million grant from the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies package. Modulr, an authorised electronic money institution, is the first non-bank or building society to join Confirmation of Payee after the mandated institutions.

APP fraud describes when a person is tricked into approving a payment to a fraudster’s account, through social engineering, manipulation or deceit. With Confirmation of Payee, Modulr’s customers will have greater assurance their payments are going to the right recipient when they’re paying a business or personal account. Confirmation of Payee calls on Modulr’s API and automatically checks that the recipient’s name and account details match the information held by their payment service provider.




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Keywords: Modulr, fintech, fraud prevention, Confirmation of Payee, APP fraud, authorised push payment fraud, RBS Alternative Remedies, United Kingdom, UK,
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United Kingdom
This article is part of category

Securing Transactions