PSR’s consultation on Confirmation of Payee, Phase 2: Call for Views - Which? response

Which? welcomes the PSR’s call for views on Phase 2 of Confirmation of Payee. Which? has long called for the widespread adoption of Confirmation of Payee by banks and other payment service providers to help detect and prevent authorised push payment (APP) scams. No firms introduced the service until the PSR mandated the introduction of Confirmation of Payee by the six largest banking groups. The subsequent roll-out by these banking groups is a major breakthrough in the fight against fraudsters. A small number firms have also opted to voluntarily introduce Confirmation of Payee. Yet the vast majority of the 400-plus firms using Faster Payments have not yet introduced Confirmation of Payee, and Which? has received very few commitments from these remaining firms that they even intend to introduce it.