Payments Watchdog Pushes Back Fraud Safeguard By 9 Mos.

Law360, London (May 10, 2019, 2:44 PM BST) -- Britain’s payment regulator has said it will delay imposing tough safeguards on banks for authenticating the identity of customers until December, so it can introduce rules aimed at stopping people being duped into sending money to fraudsters across all banks.

The Payment Systems Regulator said Thursday that it will introduce a new tool known as confirmation of payee to all banks from Dec. 31. The measure, which was originally due to come into play on April 1, allows banks to check that the name and details of an account match to help prevent their customers from being tricked into sending money...

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