Which? comments as PSR confirms widespread implementation of confirmation of payee

Gareth Shaw, Head of Money at Which?, said:

“The widespread introduction of this vital name-check security measure is long overdue and should help stop many people from losing life-changing sums of money to scams.

“Its impact must be closely monitored to ensure it has the desired outcomes, and the industry should remain alert to fraudsters seeking to exploit any loopholes.

“While it’s great to see more firms provide these checks for their customers voluntarily, the regulator should now set out plans to make it mandatory across all payment providers, so all consumers can benefit from the same level of protection.”