Fraudsters are trying to convince people to ignore “no match” warnings when the bank account they are transferring money into does not match the name of the person they think they are paying, according to a regulator.

The Payment Systems Regulator (PSR) said it expects to see more action from financial institutions to stop scams where people are tricked into transferring money to a fraudster and to better protect and reimburse people if they do fall victim.

Recent figures show that in the first half of 2021, £355 million was lost to authorised push payment (APP) scams where people were tricked into paying criminals directly.

Some banks have been introducing an added layer of protection for customers called confirmation of payee – which tells people making payments whether the account they are trying to pay into matches the name of the person they think they are paying.

As well as protecting against fraud, this can help to prevent…

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