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Good news. Hundreds of banks and building societies must soon introduce the name-checking tool Confirmation of Payee (CoP) to help prevent bank transfer scams.
But what is CoP? Well, it’s easy to assume that your bank will warn you if you make a mistake when sending an electronic payment. But this isn’t always the case. CoP is the only way your bank can tell you if the name you've entered matches the account details held by the receiving bank.
This is something we’ve repeatedly called for as a crucial layer of scam protection. In the first half of 2021, bank transfer scams overtook card fraud – and with UK victims losing on average £28,203 an hour, it’s absolutely essential the banks move fast on this.
Does your bank offer a Confirmation of Payee? From Which? Find out here.