In 2020, UK Finance members reported 149,946 incidents of APP scams, with losses hitting an all-time high of £479 million. Confirmation of Payee (CoP) was introduced in July 2020 as the industry response to Authorised Push Payment (APP) fraud and payment errors.

With the early “Phase 1” onboarding due to close, it's important to understand what this means for your business, the implications for your incoming payments, the mitigation of APP fraud and your own brand in the market.