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In 2019, there were being 122,437 cases of App fraud in the Uk. Banks misplaced £456 million.
The UK’s Payments Methods Regulator (PSR) has eased a March deadline for banks to carry out new fraud protection plans, in spite of the practically £1 billion losses experienced as a consequence of Authorised Drive Payment (App) fraud in the earlier a few yrs.
Implementation of Affirmation of Payee (CoP) is intended to curtail App fraud by making sure banks confirm the validity of payment recipients, but the PSR claimed it would be getting a lenient method to all those