Confirmation of Payee: Why it’s as important for your bank as it is for you.
Catch the latest Payments Podcast from Bottomline where Olivia Armstrong unpacks the latest developments within the Confirmation of Payee name checking service.
Does your bank have confirmation of payee in place?
Whether it’s a small tick, or a logo, the fact your bank confirms the sort code and account number match is as important for your payment as it is for them. Authorised push payment (APP) fraud is a scam where the victim is tricked into making large bank transfers to an account posing as a legitimate payee, and the cost of this fraud is usually covered by the banks.
This episode on the Payments Podcast reviews how CoP is impacting not only the top 6 banks, but the challenger banks in the market, and where the future lies for this regulation.
Bottomline Podcast: CoP: Why it’s as important for your bank as it is for you.
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