Sorry... who is this? Phase 2 for Confirmation of Payee

With losses reportedly totaling in the region of £479million in 2020, more needs to be done to protect the thousands of individuals and businesses who fall victim to APP scams.

In 2019, the PSR directed the UK's six largest banking groups (involved in around 90% of Faster Payments and CHAPS transactions) to introduce Confirmation of Payee. Having now been available to consumers since July 2020, and having noted a positive impact, the PSR is now keen to move to Phase 2: widening participation and making it possible for all banks and building societies to offer CoP.

What should Phase 2 look like? The PSR is calling for views on this by 30 June 2021, after which they will decide on next steps.