After the peak of APP Fraud losses in 2021, CoP contributed to a 17% reduction in 2022, despite over 100,000 cases amounting to £482 million. However, implementing CoP takes a lot more planning and a longer testing window than many PSPs might think. PSPs also need to be aware of the ramifications of the Payment Systems Regulator (PSR) Mandatory Reimbursement bill that will also come into force in 2024, which places the responsibility of a fraudulent transaction on both the sending and receiving firms, with them splitting the costs of reimbursement 50:50.
“The element of scarcity of resources should motivate Group Two to ‘get going’ ASAP. After all, there are only so many CoP vendors and only so many Project Managers at those vendors to manage the implementation”. Nick Warner, Project Manager, Cambridge Building Society, went ‘Live’ with CoP in September 2022.
Group 2 is under pressure to meet the deadline as best practice is to have been in testing for at least six weeks prior to the October deadline. Therefore, this webinar with Bottomline, Pay.UK and the Payments System Regulator is designed to get PSPs back on track with expert advice.
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