Confirmation of Payee

  • MrScrooge's Avatar
    The major banks have been forced by the regulator to introduce Confirmation of Payee. This stops a lot of online banking frauds as part of the transaction to send money asks for the beneficiary account name. The bank then checks with the receiving bank that who you think you are sending to is the correct named account. If the names don't match you are sent a warning giving you the opportunity to cancel the transaction if you suspect a fraud. Tesco Bank doesn't seem to be introducing this extra layer of fraud prevention, why?
  • 8 Replies

  • CSKBrambles's Avatar
    Above and beyond
    Hi !Thanks for your query, which i am pleased to help you with. I confirm the wheels are already in motion to meet the deadline set by the Payment Systems Regulator, for the roll-out of Confirmation of Payee by the 30th June 2020.However, due to businesses having to manage risks related to COVID-19. the regulator has announced that this date may have to be delayed.Crucially, there is a reference where any bank that does not have Confirmation of Payee, and a customer falls victim to a scam that would have been prevented by CoP, that they should be fully reimbursed. Best Regards, If you are satisfied with the response provided :-Please "accept as a solution" to clear down, and register as resolved.
  • 25H's Avatar
    Community superstar
    Hi Thank you for your interesting enquiry.Banks introduced Confirmation of Payee and it was originally announced in October 2018.It is the six major banking groups i.e. Barclays, HSBC (inc First Direct), Lloyds (inc Halifax and Bank of Scotland), Nationwide, RBS (inc NatWest and Ulster) and Santander have until Tuesday 30 June, 2020 to implement it under the Payment Systems Regulator rules. However due to the financial situation in relation to the coronavirus it may be moved.It may be worth noting that for it to work it requires the sending bank AND the receiving bank to have the Confirmation of Payee system in place to get the real benefit of it.Take care & warm wishes,
  • LAWS0101's Avatar
    Fresh Eyes
    @MrScrooge
    this still doesn't seem to have been implemented by Tesco. My Santander account is refusing to send money to My tesco savings account because the account number cannot be checked We are 3 years on April 2023 !

    - - - Updated - - -
    @25H is this ever going to be implemented by Tesco? My other main bank Santander are refusing to transfer money to my Tesco savings account because the account numbers can't be checked. Its a real faff just to transfer to a cash ISA
  • AmyM's Avatar
    Your Community Manager
    Hey @LAWS0101

    We have kicked off plans for Confirmation of Payee and this will hopefully be implemented towards the end of this year following all the technical background builds 😊
  • HayleyTea's Avatar
    Just looking
    I did wonder whether this was a reason why my money transfer hasn't gone through as I didn't get the verification that the account I was paying was the correct account. Does anyone know how to check where a money transfer has gone?
  • TrinhO's Avatar
    Eagle eye
    Hi @HayleyTea, I've replied to your message on the other thread :)
  • teodorio's Avatar
    Apprentice
    Hi TrinhO
    As I know, confirmation of Payee (CoP) is a new security feature that banks are implementing to help prevent fraud. CoP works by verifying the account name and number of the payee before sending a money transfer.
    It is possible that your money transfer was delayed or cancelled because you did not receive a CoP verification.
    If your money transfer has been sent but not received, they may be able to track down the money and help you get it to the correct payee. That's all.
  • Drountint1953's Avatar
    Fresh Eyes

    The major banks have been forced by the regulator to introduce Confirmation of Payee. This stops a lot of online banking frauds as part of the transaction to send money asks for the beneficiary account name. The bank then checks with the receiving bank that who you think you are sending to is the correct named account. If the names don't match you are sent a warning giving you the opportunity to cancel the transaction if you suspect a fraud. Tesco Bank doesn't seem to be introducing this extra layer of fraud prevention, why?
    As you tap the screen to guide your character in geometry dash world through pulsating levels, you'll find yourself moving in sync with the music, creating a truly immersive experience.
    Tesco Bank may have other fraud prevention measures in place that they believe are more effective than CoP. For example, they may use more sophisticated fraud detection algorithms or they may have stricter onboarding requirements for new customers.