What is confirmation of payee name?
Confirmation of Payee (CoP) is an account name checking service that will help make sure payments are going to the right person. ‘CoP’ is one of the many ways the finance industry is tackling APP fraud where a fraudster tricks their victims into willingly making bank transfers to them.
Confirmation of Payee will provide an extra level of reassurance to customers when sending a payment to a Yolt user.
However, it will not prevent fraud entirely. Customers are the front line of defence against fraud. Customers should always remember to stop, challenge and protect themselves before parting with their information. For more advice please see the Authorised Push Payment Scams Voluntary Code and the ‘Take Five To Stop Fraud’ campaign lead by FFA UK.