Latest news with #fraudPrevention
CTV News
14-07-2025
- CTV News
Warning about door-to-door contractors offering home repairs
Windsor police are warning homeowners about door-to-door contractors offering home repairs. Police say they want to remind everyone to be cautious, especially if they ask for cash payments upfront. 'A professional-looking flyer or invoice with a company name doesn't always mean the business is legitimate,' states a social media post from police. How to protect yourself Verify the company's existence. Ask for identification and credentials. Get multiple estimates. Never pay in full upfront - especially cash. Trust your instincts. Talk to a trusted friend, family member or neighbour. If you suspect a scam, contact the Windsor Police Financial Crimes Unit.
Finextra
08-07-2025
- Business
- Finextra
Confirmation of Payee five years on
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. Five years ago, the UK's financial landscape underwent a profound transformation with the introduction of Confirmation of Payee (CoP) . The service was launched by in 2020 to reduce the number of misdirected payments by verifying the account details of the intended recipient before a payment is made. Having since also demonstrated its effectiveness in mitigating and reducing certain types of fraud, the service has now become a customary part of the payment journey for both payment service providers and end users. I've had the privilege of working as part of the team that took CoP from a blueprint in 2018 to a service that today covers 99% of organisations initiating Faster Payments in the UK, and completes more than 2.1million checks every day. Most importantly, however, are the impressive results brought about by the service in this time. The Credit Payment Recovery sent claim percentage rate for the 'incorrect account' category (as a proportion of Faster Payment sent transactions) is a sound indicator of a reduction in misdirected payments. Since the launch of CoP , we have seen a 59% reduction in this category and a 20-40% reduction in financial losses to end users for some types of fraud, according to the UK Finance Annual Fraud Report 2025. Confirmation of Payee's international influence Owed to its measurable impact and innovative nature (a full name matching capability that provides a more robust and user-friendly solution than earlier binary (yes/no) and attribute-based checks), Confirmation of Payee has come to be seen as a 'poster child' of payment verification initiatives around the world. We have, and continue to, actively engage with our international counterparts, sharing the insights and learnings from our own journey, to help inform the development of these initiatives and strengthen payment security. These collaborative efforts have delved into critical aspects of implementation, including legal and liability frameworks, directory implementation, testing methodologies, customer communications, and the development of standardised matching logic and user experience. The rollout of New Zealand's GetVerified in 2024, Australia's Confirmation of Payee in July 2025, and Europe's Verification of Payee in October 2025, all serve as testament to both Confirmation of Payee's influence in effectively reducing misdirected payments and mitigating financial crime, and a shared understanding of the critical need for enhanced payment security on a global scale. The future of payment verification As we reflect on CoP's remarkable journey five years on, the question naturally arises: what's next? As well as maintaining the vital service that CoP provides, it is also crucial to continually assess the evolving financial landscape and progress the service as new challenges and opportunities emerge. We are currently exploring other use cases of the service and whether there are other organisations, further to payment service providers, that could benefit from employing CoP, such as Bacs Approved Bureau and Bacs Approved Software Solution providers. We are also looking at how we can implement other fraud prevention and detection tools that can check additional data points that can support payment service providers in identifying potential fraudulent accounts prior to a payment being processed. The most ambitious vision is a future where CoP transcends national borders. The ultimate goal is a truly global service that can be applied to cross-border payments, rather than relying on a multitude of similar, yet separate, services across different countries. This would not only enhance global financial integrity but also streamline cross-border commerce, benefiting governments, businesses and individuals. To this end, we will continue to monitor the development of similar initiatives around the world and, in parallel, explore how we can refine our own model to ensure interoperability for cross-border payments. CoP has already proven to be a powerful tool in the fight against financial fraud and payment errors. Its journey from a domestic initiative to an international standard is a testament to its efficacy and the collaboration of the global financial community. As we look ahead, we will continue to leverage the success of CoP, both in the UK and in a global context, to build a more secure, efficient, and borderless payment ecosystem for everyone, everywhere.
News.com.au
04-07-2025
- News.com.au
Sydney rocked as $3m lost to alleged ‘Chinese blessing scams'
Police have shared new details of an alleged series of Chinese blessing scams, which have cost Sydneysiders a collective $3 million, as a woman is charged for allegedly targeting a 77-year-old. The scam generally targets elderly Chinese women and exploits their cultural fears by convincing them their families are at risk, and demanding money to protect them from illness or curses. 'The women are deceived and once the scammers are in possession of their money and valuables including jewellery, the items are swapped with items of no value and the women are encouraged not to open the bags for an extended time,' police said. In April, police launched Strike Force Sentinel to investigate reports of the scams across the Sydney area, including Ryde, Burwood, Parramatta and Hornsby areas. To date, they have received more than 80 reports of alleged scams, with more than $3 million in cash and valuables stolen. On Thursday, a 63-year-old woman was arrested at Sydney International Airport in relation to an alleged 'Chinese blessing scam'. Police allege the woman was involved with defrauding a 77-year-old woman of a 'large sum of money and jewellery' in Parramatta in June. She was taken to Mascot Police Station where she was charged with dishonestly obtain financial advantage etc by deception, participate criminal group contribue criminal activity and demand property in company with menaces with intent to steal. She was refused bail and is set to appear before Parramatta Local Court on Friday. Anyone who may have been victim of a 'blessing scam' is urged to make a report to police. Police have urged the public to be hyper vigilant of scammers, and to avoid following people to a doctor or letting strangers inside a home. 'Beware of people you don't know and can't identify seeking access to money and valuables,' they said. 'Beware of people asking for directions to a Chinese herbal doctor or spiritual healer. 'Do not follow people you have just met to a doctor or healer. Do not continue conversation with strangers and leave the location. 'Do not bring strangers home,' they added. 'Do not hand over money, jewellery, or valuable items to stranger, and do not put money or jewellery in a bag for any blessing ritual.'
Finextra
03-07-2025
- Business
- Finextra
Westpac introduces Confirmation of Payee
Westpac has today announced the introduction of Confirmation of Payee, a new security feature designed to help customers spot a scam and reduce mistaken payments. 0 The new technology builds on Westpac's existing Verify capability, which already alerts customers when an account name doesn't match the BSB and account number used in previous payments by other Westpac Group customers. Confirmation of Payee adds another layer of security by checking the account name against the records held at the recipient's bank, giving customers greater confidence before they make a payment to someone new. Westpac Head of Fraud Prevention, Ben Young said the new technology is part of the bank's ongoing investment in scam protection. 'Scammers are becoming more sophisticated, finding new ways to trick unsuspecting Australians into handing over their hard-earned money. This is why it's so important for us to continue to invest in ways to help keep our customers safe,' Mr Young said. 'The introduction of Confirmation of Payee builds on our existing Verify technology and will help customers confirm they're paying the right person, potentially stopping a scam in its tracks.' Since launching in June 2024, Westpac's existing Verify technology has prevented more than 400 mistaken payments each day and stopped customers from losing over $6 million to scammers. 'We're continuing to take the fight to scammers to help keep people safe, but we can't do it alone. We need other organisations, like telcos, digital platforms and social media companies, to adopt similar protections so we can collectively raise the bar on customer security,' Mr Young said. Verify with Confirmation of Payee is the latest in Westpac's suite of scam prevention initiatives, including SafeCall and SaferPay. Together these initiatives have helped to prevent customers from losing over $500 million to scammers over the past two years.
Yahoo
02-07-2025
- Business
- Yahoo
Companies House to mandate filing by software
UK's Companies House has announced that, effective from 1 April 2027, all companies and Limited Liability Partnerships (LLPs) will be required to file their accounts using commercial software. The move, part of the Economic Crime and Corporate Transparency Act (ECCTA) 2023, mandates that accounts be tagged using iXBRL (Inline eXtensible Business Reporting Language). From the same date, Companies House will streamline account filing options for small and micro-entity companies. Directors and LLP members are also urged to review their data and verify their identity before an upcoming autumn deadline. The move was welcomed by Meg Ogunsola, the global director of entity management solutions at Vistra, a business advisory company. Ogunsola said: 'Today marks a milestone in Companies House reforms and the UK's fight against fraud. The confirmation of an Autumn deadline for directors, PSCs and LLPs to verify their identity signals a radical change in the governance of corporate transparency and accountability. Yet official figures show that just 2.86% of those expected to complete ID verification have done so. 'Further confirmation that companies will be required to file accounts using commercial software from April 2027 onwards, combined with the 'failure to prevent fraud' offence coming into force in just two months, highlights the urgency for compliance, and risk of severe financial, operational and reputational consequences. Companies House has stepped up, and it is time for firms to do the same and act now.' After 1 April 2027, the executive agency, which is backed by the Department for Business and Trade, will close its web filing service and paper filing route for accounts, although these will remain open for other statutory filings. The filing requirements apply to all UK registered companies, LLPs, eligible overseas entities with UK operations, charities registered as companies, and Community Interest Companies. Companies House has prepared a stakeholders guide to assist companies and their advisers with the transition to software-only accounts filing. The introduction of this requirement means companies and LLPs must ensure their accounts are correctly structured and tagged using iXBRL, a global standard combining HTML with XBRL tags for machine and human readability. Companies House stressed on the importance of sourcing appropriate software and recommends understanding the software's tagging features on test accounts before the mandatory deadline. A software look-up tool is available to help companies compare and select suitable software products. For small and micro-entities, the following streamlined filing options will be available from 1 April 2027: micro-entities must file their balance sheet and profit and loss account, while small companies must file their balance sheet, directors' report, auditor's report (unless exempt), and profit and loss account. Abridged accounts will no longer be permissible. Companies claiming an audit exemption must provide an additional statement from directors on the balance sheet, specifying the exemption claimed and confirming qualification. Companies House will also limit the frequency of shortening accounting reference periods, requiring a business reason for more than one change within five years. "Companies House to mandate filing by software " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
