Shieldpay comments on Confirmation of Payee System

Tom Clementson, Director of Consumer & SMB at ShieldPay, said: “The banks need to get their act together and bring in proper protection for consumers sooner rather than later. The delay to the Confirmation of Payee system will mean that thousands more people will be exposed to fraud over the next year and currently there is no clear indication of when protections will come into effect. It’s vital that increased safety checks are put in place to ensure consumers do not become victims. The adoption of technology, which verify both identity and matching bank accounts, is one solution that can help to eliminate the risk and should undoubtedly be used more widely.”