Confirmation of Payee (CoP) is a banking security feature that verifies the recipient’s name alongside their account number and sort code during payment initiation. This added verification helps mitigate fraud and ensures payments reach the intended accounts, offering users heightened protection. 

The service works by ensuring the name of the person you are paying matches the one on the account you are paying money into.  

Thousands of people and companies are victims of APP scams each year, which may have devastating impacts on people's life. According to data, APP scams cost victims £459.7 million* in 2023.  

The PSR expects that financial institutions will take additional steps to prevent these frauds from occurring and to better protect those who are a victim. 

By introducing CoP you could save thousands of pounds by ensuring the right person is transferred money to the right account. 

If you would like to arrange a call to discuss how to implement CoP into your organisation, please contact our payments team. 

*Annual Fraud Report 2024 | Policy and Guidance | UK Finance