New research shows that millions of UK bank account holders are putting themselves at risk of fraud by ignoring Confirmation of Payee warnings.
Lloyds Bank data has revealed that almost one in 10 (8%) UK adults who hold a bank account admit to proceeding with a payment without making any further checks when Confirmation of Payee (CoP) tells them the details aren’t an exact match.
CoP confirms whether the details entered match the account of the person or organisation being paid when sending money online to someone that hasn’t been paid before.
The aim of these checks is to stop payments from going to the wrong account by spotting possible mistakes and adding extra security steps to prevent fraud.
Of those surveyed, only 47% said that they would carry out further checks before proceeding with a transaction when presented with a ‘Confirmation of Payee unavailable’ message (which usually means the recipient bank or payment services provider isn’t signed up to the service, so the account details can’t be automatically checked).