We’re introducing a name checking service called Confirmation of Payee (CoP). It aims to protect against Authorised Push Payment scams and reduce the number of payments which are made by mistake.
When you make a one-off payment, set up a regular new one or amend an existing payment, it lets you check you’re paying the right person or business. That way, you can see if the name matches who they say they are.
CoP also allows a person or business sending you a payment to check your name matches your account.
How will name checking affect payments I'm sending?
How does name checking work?
If you do make a payment where there’s no exact match, you’ll need to accept that your money could go to the wrong account and you may not get it back.
What should I do to help anyone paying me?
Is your account for personal use or for your business?
Is the name they're inputting correct?
What is an Authorised Push Payment?
How do APP scams work?
An APP scam is when a fraudster tricks victims into sending money to someone it’s not intended for. Sometimes they send money to someone for what they thought was a genuine purpose, but was actually fraudulent.
Payments related to APP scams can be made over the phone, online or in person and most are completed instantly.
We’re working closely with other industry partners to introduce the new CoP service in a consistent way.
Benefits of name checking
The Confirmation of Payee service gives you greater security when you’re making payments.
It helps to protect against APP scams, which aim to trick you into authorising a payment to an account you believe is genuine – but is in fact controlled by a criminal.
With name checking, you can make sure the name of the person or business you’re paying matches the name held on the account.
Here are some other warning signs which may mean you’re being targeted by fraudsters:
- payment requests being received from someone you don’t know
- being put under pressure to make a payment
- changes being made to the details on account you’re paying
- being asked to continue with a payment even though the details don’t match
There are a number of organisations who can provide help and give advice about Confirmation of Payee.
- UK Finance - https://www.ukfinance.org.uk/confirmation-of-payee