Today’s New Banking Rule Won’t Solve Fraud, Tech Will – Expert Comment

Joe Bloemendaal, Head of Strategy,  Mitek
June 30, 2020
This new rule will go some way to preventing bank transfer fraud – but it’s not enough to put fraudsters off forever.
The new ‘confirmation of payee’ rule coming into force on 30th June is a step forward in the fight against financial fraud. Fraud has skyrocketed during the coronavirus pandemic, so every additional layer of protection the banks introduce should be welcomed – especially if it can save the British public £145 million a year in fraud losses. However, this new rule doesn’t go far enough. Th ....
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