Confirmation of Payee is a tool designed to stop payment fraud. It will allow you to check the name of the person holding the account against the sort code and account number - this will alert you to a number of options:
Match - the name on the account matches and you can continue with the payment if you’re happy to do so
Close match - the name on the account is not an exact match. It could be an abbreviated name or perhaps a spelling mistake. If you recognise the closely matched name, you can choose to continue or double check the payee details before continuing with the payment
No match - the payee’s name details don’t match the name on the account. It’s very important that you double check the payee’s details to make sure you’re sending funds to the right place. If you are in any doubt, don’t continue with the payment
Unavailable - this is where it isn’t possible to check whether the details match or not
Warnings and responses might be worded differently, depending on your bank account provider.
Get in touch with us straight away and let us know about any concerns if you think you may have been targeted as part of a scam. There’s some useful information on our website here where you’ll also find a link to Take Five to stop fraud.
