This is different to card or direct debit payments. Put another way, you initiate the payment by ‘pushing’ the money towards the recipient (or payee). When you pay for something in cash, you simply hand the money over. The biggest and best known ‘push’ payment the world over is cash. CoP addresses problems associated with digital ‘push’ payments, such as Faster Payments or CHAPS. How does authorised push payment (APP) fraud work?Įssentially there are two kinds of payments: push and pull. Criminals pretend to be the CEO or another senior executive and trick staff in the finance department into making payments to accounts they control. This happens to individuals but also to businesses where it’s known as CEO fraud. That’s how much was stolen by authorised push payment (APP) fraud in the first six months of 2019 when people were tricked into authorising a payment to accounts controlled by criminals. What problem does Confirmation of Payee (CoP) address?Ĭonfirmation of Payee (CoP) addresses a £208 million fraud problem. This helps make sure that payments go to the correct accounts and protect you against fraud. This enabled criminals to trick people (individuals and businesses) into sending money directly from their account to accounts which the criminals controlled.Ĭonfirmation of Payee (CoP) means that your bank will now check the name on the account you’re paying, as well as the account number and sort code. However, your bank was not able to check the name of the payee. #Moneywell wrong names on payees code#This included the account number, sort code and name of the person or organisation you wanted to pay. Up until now, when you made electronic payments from your bank account, you gave your bank all the details. It’s an account name-checking service that helps payments reach the right recipients (or payees).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |