Customers and businesses should always stop and make further checks if they do not get a match, particularly where a payee advises or coerces them to proceed with a payment when the details do not match. The banking and finance industry is committed to looking after every customer, especially those in vulnerable circumstances. In some cases, businesses may use a trading name or a shortened name that may be different to the name held by the account provider as their account name. Your data is also stored securely, as banks will be using the Open Banking directory service to exchange CoP requests. Confirmation of Payee is a new way of checking account details to give customers (both personal and business) greater assurance that they are sending payments to the intended recipient, helping to avoid misdirected payments being sent to the wrong account as well as offering another important tool to help in the fight against fraud. Experian Boost: now your Netflix subscription can improve your credit score. A payee is the term used to describe the person or business that is receiving a payment. This could mean the difference between paying money to a correct account or into the hands of criminals. In order to take advantage of Confirmation of Payee, it may be necessary for customers to update their online banking application. • If paying a business, customers should ensure they follow any guidance given by a business and include the full business name or trading name. believes they should be fully reimbursed. How is coronavirus affecting house prices. 0 Money it is aiming to implement CoP before the end of 2020. They spend hours researching you for their scams, hoping you’ll let your guard down for just a moment. .�6)n��Pܠ���� :�T�v����W���EZO8�n����D)��Wټ�����K����]���1L��_���^k}�S����M^��?�>0�W������&�B���. • Businesses should use the name given to their account when invoicing customers or providing payment details; if they are unsure what this is, they should contact their account provider. Pay.UK Limited is a company limited by guarantee, incorporated in England. The business can then proceed with the payment. As mentioned above, Confirmation of Payee helps guard against APP fraud. ‘This month will be decisive in demonstrating how well the industry is equipped to tackle the issue. endstream endobj startxref If you have issues, double-check that you’ve been given the name registered with that account, not a shortened name or nickname. 1 Recitals Whereas: 1.1 Confirmation of Payee (CoP) is a process that aims to reduce fraud and misdirected payments in electronic bank transfers. It is vital for all banks to commit to basic name-check security, and the whole industry should sign up and follow through on the protections offered by the scams code. Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud. Lloyds Banking Group is ahead of the pack, implementing CoP from 2 March 2020 for Bank of Scotland customers before rolling it out to Halifax and Lloyds customers. No – only the six largest banking groups are being forced to sign up to CoP and there is even a chance that some won’t meet the new deadline. Confirmation of Payee is designed to protect customers against payment fraud. Confirmation of Payee will not prevent fraud entirely but is one of a range of measures used by the industry to help combat fraud and the organised criminal groups responsible. If a business entered details for the named account holder which do not correspond with the details held by the account provider, it will be told the details do not match. ‘If the banks fall short of making these commitments themselves, the government must step in and ensure these schemes are made mandatory. Criminals also constantly develop their scamming techniques to reflect changes to the latest regulation legislation. • Someone pressuring or coercing them to make a payment; However, in August it was announced that its implementation will be pushed back until March 2020, sparking concerns that consumers will be exposed to scams until it is in place. Confirmation of Payee will help prevent misdirected payments including several types of Authorised Push Payment (APP) fraud – where a victim is tricked into sending a payment to a fraudster. • Criminals can access or alter emails to make them look genuine. Confirmation of Payee is a new system to be used in online banking that will make the recipient’s name as important as their sort code and account number when making a payment. Confirmation of payee (CoP) allows a payer to check that the name (including a personal/business account indicator) they give for a new payee is the same as the account name/type held by the payee’s bank. �`z�VD ]��KPhCt����f�\�V��&�㊋[8!���kv7���j�]I����b!НGi ��d��{�C!��1#�p��Cˢ}L�$B�G'�L���]�)��8I`�_�冃��U�l^������䇾��ԛA The order that a name appears on a joint account will not affect the matching response. These also include investing millions in sophisticated security technology, the Authorised Push Payment Scams Voluntary Code and the Take Five To Stop Fraud campaign in partnership with government. Faster Payments are used for the majority of UK customer-initiated payments within the UK. The information provided in this document will be used in accordance with the General Data Protection Regulation (Regulation (EU) 2016/679) and the Data Protection Act 2018. By inputting this data into a strong and dynamic policy manager, which is flexible and agile, banks will be secure and will find it simpler to meet the requirements of CoP. We will meet the deadline to offer this service for online banking and on our mobile banking app.’. Do not use contact details from an email or letter. But opting out of some of these cookies may have an effect on your browsing experience. Head Office Collection Accounts will not currently be subject to Confirmation of Payee checks but are likely to be part of the next stage of Confirmation of Payee development. For more information on when this will begin to affect you, contact your bank. 862 0 obj <>stream It’s important to note that the account holder’s name registered to that account may not necessarily be the same name that is recorded on the corresponding bank card as different naming conventions may be used for card data. Fraudsters are creative and use multiple techniques to achieve their objectives, therefore banks must consider a range of different approaches to keep their customers safe. In practice, Confirmation of Payee will cut down heavily on scammers who pose under other people’s names to steal money. The delivery timeframe for Confirmation of Payee is driven by the regulatory timeline, with phase 1 requiring completion by 31st March 2020. Never be rushed into making a payment and trust your instincts. Likewise, it is not expected that payments to existing recipients and standing orders will be checked using Confirmation of Payee; however, account providers may, in time, begin to check the details of existing recipients with Confirmation of Payee. Where an account is not available through the Confirmation of Payee system, whether temporarily or otherwise, a business will be notified that the account is unable to be checked. When a customer sets up a new payee or amends an existing payee’s details, they will be able to verify that the account belongs to the person or business they intend to pay before making the payment. It will already be possible for non-gpi members to provide confirmations as from November this year when the Standards MT Release 2019 is activated. Alternatively, they will be able to update the details and try again or contact the intended recipient to confirm the details. For a more in-depth summary of what Confirmation of Payee is, check out our earlier blog post here. It is possible that you are being targeted by criminals and the payment is being requested for fraudulent purposes. • From 30 June 2020: Directed banks must send Confirmation of Payee requests (as above) and notify the payer of the outcome – for example, if there was a name match or a mismatch, banks should notify the person making the payment. Banking TechnologyRegulationBanking Security, The deadline for UK banks to implement Confirmation of Payee has been extended to March 2020 — Chris Stephens, head of banking at identity authentication firm Callsign, gives his verdict, Confirmation of Payee is designed to protect customers against payment fraud. CoP is essentially a bank account name-checking service intended to stop payments being misdirected into the wrong account as a consequence of someone making a mistake during the payment process. • Payment requests from unknown persons; Further guidance on how to stay safe from fraud and scams can be found on the Take Five to Stop Fraud website. Businesses should not proceed with a payment if any of the details do not match nor feel embarrassed or reluctant to check if the payee name is correct. Customers and businesses should therefore always stop and think before ignoring a Confirmation of Payee response and follow the Take Five To Stop Fraud advice when conducting any banking activity. That its customers are provided with accurate account details, including account name, when making payments to them.
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