The fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS (when you make a payment transfer from one account to another) to 99% worth approximately GBP 2.5 trillion, according to estimations made by the regulator.
CoP is the name-checking service designed to prevent accidentally misdirected payments and APP scams; one million payments benefit from the checking service every day. In 2019, the PSR directed the UK’s six biggest banking groups to implement the system. Since then, additional non-directed firms have voluntarily implemented the service and there are now 33 financial organisations offering CoP, acording to PSR’s press release.
The regulator is keen to see more firms providing CoP protection and wants to take further action to achieve that. Earlier in 2022, the PSR directed the transition to a new technical environment which would open the availability of the service to more financial firms.
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