Banks Must React As Fraud Hits £1B, Consumer Group Says

Law360, London (March 17, 2020, 2:59 PM GMT) -- The government must force all banks to adopt measures aimed at protecting customers from sending their money to scammers, a consumer rights group said Tuesday as it found that a total of £1 billion ($1.2 billion) had been lost to payment fraud since 2017.

Consumer group Which? called on the government to make it mandatory for banks to check whether the name a customer enters when making a payment matches the account details that the money is being sent to — a process known as confirmation of payee.

Under existing rules, banks have to cross-check the account details a sender enters to...

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