SurePay contributes to Take Five to Stop Fraud Week with its CoP solution
Take Five to Stop Fraud week has started, several tips and advise on how to avoid scams will be shared the coming days. The goal of the campaign is to get people stop and consider whether the situation is genuine before making payments or giving their information to someone.
Great that we can contribute to this: our Confirmation of Payee (CoP) solution helps consumers safeguard against fraud and misdirected payments by checking if name and account holder match. The solution will alert the payer if the recipient’s name and account number are a close match or if there is no match at all. SurePay’s CoP solution significantly reduces impersonation and Authorised Push Payment (APP) fraud, giving customers reassurance, confidence and certainty when making payments.
Criminals are skilled at impersonating people, organisations, and police, which is why people trust the bills they receive from them. In the UK alone, we issued 23,000 warnings daily, alerting users when their money may be transferred to the wrong recipient. In 2020, according to UK Finance, APP fraud cost UK consumers £479m, of which only £83m was recovered. It’s crucial to pay attention to these warnings as they are given for a reason, and taking practice steps can prevent financial losses due to fraudulent activities.
Stop: Before handing over money or personal information, pause for a moment and consider the situation
Challenge: Could it be a forgery? Only criminals will attempt to rush or frighten you. If you are unsure whether the invoice is genuine, contact the person or organisation.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.
Learn more about the campaign from their website Take Five