Hundreds of banks and building societies must soon introduce the name checking tool ‘Confirmation of Payee’ (CoP) to help prevent bank transfer scams. With victims losing £28,203 an hour, Which? have repeatedly warned that CoP is a crucial layer of protection.
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. Only with CoP can your bank tell you if the name you've entered matches the account details held by the receiving bank.
Find out more about this form of payment protection and whether your bank offers it.
