Confirmation of Payee (CoP) is a fraud prevention service designed to enhance the security of bank payments by verifying the recipient’s name before transactions are completed.
This proactive measure helps prevent payment errors and fraudulent activities, ensuring funds reach the intended recipient. CoP is part of the UK’s response to rising payment fraud and misdirected payments.
The Payment Systems Regulator’s mandatory reimbursement scheme imposes more responsibility on the sender and receiver banks for fraud losses. Having CoP in place, among other solutions, will help safeguard from liability.
