Confirmation of Payee is an added security feature we’ve launched in line with other major banks, to give you improved confidence when you set up new people or small businesses to send money to (including one-off money movements and standing orders).
The launch of Confirmation of Payee aims to help protect you from “authorised push payment scams”, when people are tricked into sending money to fraudsters who are pretending to be people or organisations they are not. The service highlights whether the account name, type and number, as well as any relevant reference matches the details held at the bank who look after the account you’re sending money to. This will alert you if anything doesn’t match.
It gives you extra protection from fraud, as well as added confidence you’re definitely sending your money to the right account. It’ll also reassure you that your relevant reference is correct to indicate to the person or small business that it was you sending the money.
How does it work?
- You add the details of a new person or small business you want to send money to
- We send a request to their bank and let you know if the information you’ve added matches the account name, number, type of account and any relevant reference matches their account details or not.
- You receive a response straight back letting you know if the details are a ‘match’, a ‘close match’ or a ‘no match’.