Rocio Concha, Which? Director of Policy and Advocacy, said:
“Confirmation of Payee checks are an essential step that all payment firms should be making to help prevent scams which can devastate the lives of victims. Which? has consistently warned that fraudsters will target payment providers not using them, so it’s positive to see these plans for more providers to extend the protection they offer.
“With fraud still soaring and reimbursement rates differing significantly between banks, improved Confirmation of Payee does not remove the need for the introduction of mandatory reimbursement for all victims who are not at fault. The government has announced that it will introduce this legislation, and when it does the Payment Systems Regulator must be ready to ensure firms treat their customers consistently and fairly, with tough enforcement for those that break the rules.”