Starting this month, all major UK banks must implement enhanced Confirmation of Payee (CoP) checks and stronger biometric verification for large transfers.
What Changes for You
Expect more friction when setting up new payees. Banks will now hold transfers for up to 24 hours if their fraud algorithms detect suspicious patterns.
The Authorised Push Payment (APP) Scam Rule
The new mandatory reimbursement rules for APP scams mean banks must refund victims within 5 days, up to a limit of £415,000, unless gross negligence is proven.