Impact of Verification of Payee on Fraud Discussed at EBAday

1 sourceFirst reported 19 days agoUpdated 19 days ago

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At EBAday in Copenhagen, Erwin Kulk from EBA Clearing discussed the role of Verification of Payee (VOP) in addressing fraud in payments.
Kulk highlighted that while VOP is a strong measure, it is not a complete solution to combat fraud.
Despite the introduction of VOP, the overall fraud numbers have not decreased significantly.
The discussion focused on the challenges of complying with the Payment Services Regulation (PSR) in relation to fraud prevention.
Kulk emphasized ongoing efforts will still be necessary alongside VOP to effectively tackle payment fraud.

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AI summary: catch up in 20 seconds

At EBAday in Copenhagen, Erwin Kulk from EBA Clearing discussed the role of Verification of Payee (VOP) in addressing fraud in payments.
Kulk highlighted that while VOP is a strong measure, it is not a complete solution to combat fraud.
Despite the introduction of VOP, the overall fraud numbers have not decreased significantly.
The discussion focused on the challenges of complying with the Payment Services Regulation (PSR) in relation to fraud prevention.
Kulk emphasized ongoing efforts will still be necessary alongside VOP to effectively tackle payment fraud.

Generated by AI from the 1 sources below · always verify with the originals