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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