Name-checking fraud prevention system has already reduced bank transfer scams by 31%, says Lloyds It alerts those sending money if recipient’s name doesn’t match account details Lloyds was the first bank to roll it out in full with other banks doing so now It said it had seen a 31% drop in fraud among those … Read more
An anti-fraud measure designed to help protect customers from losing hundreds of millions of pounds to bank transfer scams is set to be delayed until 30 June due to coronavirus. The UK’s six largest banks were supposed to roll out a system called Confirmation of Payee by 31 March, but the payments regulator has extended … Read more
Metro Bank has come under fire for not introducing a new fraud prevention scheme, despite last year signing up to a code which said banks ‘should’ bring it in. The bank, which launched a decade ago, said it had ‘no current plans’ to implement a system called Confirmation of Payee, designed to alert anyone making … Read more