APP fraud has grown in the UK financial services sector and is now considered by Pay.UK to be a material risk on the reputation of the Faster Payment Scheme (FPS).
In a bid to drive down APP fraud, UK Finance introduced Confirmation of Payee. This new fraud prevention service allows customers of participating banks, building societies, and credit unions to double-check, ahead of making a payment, that the account holder’s name matches the owner of the bank account number.
Bottomline provides international payments, cash management, automated workflows for payment processing and bill review, and fraud detection, behavioural analytics, and regulatory compliance solutions.
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