LHV UK: Launches Confirmation of Payee to help tackle APP fraud

LHV UK: Launches Confirmation of Payee to help tackle APP fraud

• LHV UK is a leading banking services provider to over 200 fintech companies, including Paysafe, Blockchain
• Pleased to announce its Confirmation of Payee (‘CoP’) service is now live for all its direct clients
• Launched in July 2020, CoP is a fraud prevention system led by Pay.UK and operated with Open Banking
• This process addresses both payment errors and rising incidents of Authorised Push Payment (‘APP’) fraud
• CoP supports payments to UK local accounts and checks the payee details when using Faster Payment and CHAPS systems
• UK government introduced the UK’s Financial Services and Markets Bill, which would grant the UK regulators