When you send money to someone you’ve never paid before, we’re introducing Confirmation of Payee (CoP), a new account name checking service to help you make sure your payment goes to the right place. These checks are designed to help stop payments going to the wrong account by spotting possible mistakes and adding extra security steps to prevent fraud.
Over the coming months the full CoP service will be in place across the major UK banks so we can automatically check the details of the account you’re paying.
How CoP helps you make payments with confidence
The CoP service has been introduced across the banking industry as an extra way to help tackle fraud and keep customers’ money safe.
The service helps make sure payments go to the right account by checking the name and account details all match before a payment is sent. This reduces the risk of making a mistake and paying the wrong person, and can help to avoid payment scams.