At EBAday in Copenhagen, Erwin Kulk, Head of Service Development and Management, EBA Clearing joined FinextraTV to discuss the impact of Verification of Payee on fraud numbers. Kulk said it was a strong introduction but no 'silver bullet' and said that fraud has not reduced, but in fact continued to increase. And it continues to become more sophisticated, more organised and more difficult to tackle in isolation. Kulk emphasised that PSPs will need to complement VOP with collaborative, network-based tools to detect suspicious activity earlier, share relevant data in a structured way and react in real time.
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