Today’s New Banking Rule Won’t Solve Fraud, Tech Will – Expert Comment | Information Security Buzz

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Joe
Bloemendaal,
Head of Strategy,&nbsp
Mitek

June 30, 2020

This new rule will go some way to preventing bank transfer fraud – but it’s not enough to put fraudsters off forever.

The new ‘confirmation of payee’ rule coming into force on 30th June is a step forward in the fight against financial fraud. Fraud has skyrocketed during the coronavirus pandemic, so every additional layer of protection the banks introduce should be welcomed – especially if it can save the British public £145 million a year in fraud losses.

However, this new rule doesn’t go far enough. Th ….[Read More >>]The new ‘confirmation of payee’ rule coming into force on 30th June is a step forward in the fight against financial fraud. Fraud has skyrocketed during the coronavirus pandemic, so every additional layer of protection the banks introduce should be welcomed – especially if it can save the British public £145 million a year in fraud losses.

However, this new rule doesn’t go far enough. This new rule will go some way to preventing bank transfer fraud – but it’s not enough to put fraudsters off forever. Since the start of the pandemic, we’ve seen fraudsters using more and more sophisticated methods to …

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