Just like James Bond badies, the fraudsters have been quietly evolving in the past few years. Chances are you haven’t.

Direct Debits continue to be the dominant payment collection method in the UK with 4.5 billion processed in 2020. Yet people’s awareness around the checks that are made when setting up direct debits hasn’t changed.

In 2008, Jeremy Clarkson shared his bank account details in a newspaper mistakenly believing that no one could take a payment from his account without his permission. £500 later, he found out that this wasn’t true. Someone set up a charity donation in his name using direct debit.

Awareness of this challenge is no better today than it was 14 years ago with people oblivious to the fact that this can still happen today.

In this webinar, we’ll discuss the gap between the widespread use of the Modulus check to ensure that account details are entered correctly and the need for verification of the Account Holder to minimise the likelihood of fraud, chargebacks and compliance with BACS Scheme rules. We’ll also look at potential new weapons for your arsenal such as Confirmation of Payee which has been introduced to prevent APP fraud.


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