The Payment Systems Regulator (PSR) has published updated data on the UK’s Confirmation of Payee (CoP) name-checking service and on outcomes following the introduction of its Authorised Push Payment (APP) reimbursement requirement, focusing on fraud prevention, claims handling and consumer impacts. CoP is now offered by over 320 organisations and covers more than 99% of Faster Payments (FPS), with over 2 million checks completed daily. PSR dashboard figures for the first nine months after APP reimbursement began on 7 October 2024 show GBP 112 million reimbursed to victims, with 97% of claims resolved within 35 days and 84% resolved within five business days, alongside a reported decline in claim volumes. The PSR also highlighted survey findings that 50% of reimbursed victims said they trusted their bank more after the fraud experience, while 31% of victims reported buying less overall and 43% said they set up additional security features. The PSR has commissioned an independent evaluation of its APP fraud policies to assess impact and effectiveness and to identify potential improvements.
Payment Systems Regulator 2025-11-18
United Kingdom's Payment Systems Regulator publishes new metrics on Confirmation of Payee rollout and APP reimbursement outcomes
The Payment Systems Regulator (PSR) released updated data on the UK's Confirmation of Payee service and Authorised Push Payment reimbursement, highlighting fraud prevention and consumer impacts. Over 320 organisations now offer CoP, covering more than 99% of Faster Payments, with GBP 112 million reimbursed to victims in the first nine months. An independent evaluation of APP fraud policies has been commissioned to assess impact and identify improvements.