Pay.UK Expands Confirmation of Payee to Bolster Protection Against Payment Fraud
Pay.UK, the independent operator of the UK’s retail payments system, has announced a significant expansion of the Confirmation of Payee (CoP) service. Effective summer 2025, the enhanced coverage will extend mandatory name checks across all major payment institutions in the UK. CoP, which is designed to protect consumers from Authorised Push Payment (APP) fraud and misdirected payments, has already processed over 2.5 billion checks and runs more than 2.1 million checks daily.
This new phase increases the scheme’s coverage by 200% compared to the initial rollout mandated by the Payment Systems Regulator (PSR) under Specific Direction 17, introduced in October 2022. Daily check volumes are expected to rise by a further 7% as adoption widens, significantly reducing risks of withdrawals being sent to incorrect or fraudulent accounts—an issue directly relevant for online casino players seeking fast and secure transfers.
Key Points:
- CoP coverage expands to all major UK payment service providers by summer 2025
- 2.5+ billion CoP checks completed as of September 2024; 2.1 million checks occur daily
- Fraud rates declined through 2023 as CoP adoption increased
The initiative is part of Pay.UK’s broader Fraud Programme, which aims to bolster protection for both businesses and individuals. According to Kate Frankish, Chief Business Development Officer and Anti-Fraud Lead at Pay.UK: “This latest expansion, driven by collaboration with the industry, significantly strengthens our collective defences against fraud. By simplifying access for PSPs, we’re ensuring that everyone can benefit from this crucial layer of protection. This is not just about reacting to fraud, it’s about proactively building a more secure payments ecosystem for the UK.”
| Topic | Details |
|---|---|
| Scope | Covers all major payment institutions by summer 2025 |
| Main Benefit | Reduces risk of misdirected or fraudulent withdrawals |
| Regulatory Context | Mandated by PSR’s Specific Direction 17 effective October 2024 |
For casino players, robust bank transfer checks via CoP can help minimise withdrawal delays and errors. To learn more about secure payout methods and regulatory updates, see these resources:
- Bank Transfer Withdrawals Guide
- Common Withdrawal Issues
- Safe Online Casinos in the UK
- UK-Licensed Casino Sites
- Fast Payout Casinos
For deeper insight into the Confirmation of Payee expansion and its impact on UK payment security, visit the full source article.
