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Top banks criticised for not implementing safeguards

Tuesday 16 March 2021 10:16 CET | News

Several top banks have been criticised of leaving vulnerable customers at risk of fraud after failing to implement vital safeguards.

TSB, Virgin Money, and Metro Bank are among those put under pressure for not using confirmation of payee (COP) checks, which were introduced by most rivals in 2020. 

They aim to stop fraudsters from pretending to be someone else and tricking victims into sending them money. The checks mean that those sending cash must enter the recipient's correct name. If account details do not match, the bank can block payment. 

The issue not only affects customers of the banks but also anyone who sends them money. Losses to so-called authorised push payment fraud, where the victim is tricked into approving a payment, totalled GBP 207.8 million in the first half of 2020. 

Source: Link


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Categories: Banking & Fintech
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