Millions of UK bank account holders are putting themselves at a much greater risk of fraud

Reason why millions of Brits are at greater risk of banking fraud unveiled. Source: pexels.combrto

According to the research, almost one in 10 (8%) UK adults who hold a bank account admit to proceeding with payment without making any further checks when Confirmation of Payee tells them the details aren’t an exact match.

And only around half of people (47%) say they would carry out further checks before proceeding with a transaction when presented with a ‘Confirmation of Payee unavailable’ message, which usually means the recipient bank or payment services provider isn’t signed up to the service, so the account details can’t be automatically checked.

Worryingly, less than half (41%) of people say they are familiar with Confirmation of Payee and understand how it works, and under a quarter (24%) would recognise that a ‘No match’ message means they could be getting scammed.

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