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Confirmation of Payee (CoP) is an industry-wide response in the UK to reduce financial losses from the fast-growing incidents of Authorised Push Payment (APP) fraud.

CoP introduces a new layer of payment protection with effective warnings about the risks of sending payments to any ‘non-verified’ payee account, resulting in the end-user being less likely to pay the wrong account holder.

This can reduce financial liabilities, APP fraud losses, incorrect or fraudulent payments — helping to protect the trust and reputation of an organisation. 

Did you know?

£456m was lost to APP fraud in 2019 with only 25% of the funds recovered

Source: UKFinance.org.uk

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