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This new name-checking service helps give bank customers more peace of mind when setting up payments online. Here is how it works.
Last updated: 29 Jul 2020 1 min read
Whoever you’re making a payment to, you want to be confident you’re sending it to the right person.
Confirmation of Payee (CoP) is a new service that checks the name of the person or organisation you provide against the actual name and details held on their account when creating a new or amended single sterling CHAPS or faster payment using online or mobile banking.
The CoP check is one of numerous steps the financial services industry is taking to combat fraud. CoP helps to protect customers from so-called “authorised push scams” where people are tricked into sending money to criminals impersonating legitimate suppliers. It will also help avoid simple mistakes like mistyping account details when you set up a new payment, giving you more confidence that payments will go to the correct person.
For more information about CoP, watch the video below and download the PDF guide.
Technology, Media and Telecoms