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Announcement on the Launch of the "Confirmation of Payee (CoP)" Service on 31st October 2024
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Dear Customer,
In compliance with the instruction of the Payment Systems Regulator (PSR) in the UK, Bank of China London Branch and Bank of China (UK) Limited launch the "Confirmation of Payee (CoP)" service on 31st October 2024. Please find below the specific instructions and guidance for the service.
What is Confirmation of Payee (CoP)?
Confirmation of Payee (CoP) is a system that checks if the name on a bank account matches the details you provide before sending a payment. It helps make sure that payments go to the correct person or business, reducing errors and protecting against fraud. When making payments to new accounts, it helps prevent sending money to the wrong account by verifying that the name, sort code, and account number all match. This is especially helpful in stopping Authorised Push Payment (APP) fraud, where scammers trick people into sending money to the wrong account.
How does Cop work?
When you initiate a payment, such as a bank transfer, your bank will ask you to provide the recipient’s account name, sort code, and account number. The bank will then check this information against the details held by the recipient’s bank. You will receive one of the following responses:
- Match: The details you provided match the account on record. You can proceed with the payment.
- Close Match: The name is similar but not an exact match. You will be advised to check the details before proceeding.
- No Match: The details do not match the account on record. You will be advised not to proceed with the payment.
- Other Responses: You might see other responses, such as a system problem or the account holder’s bank doesn’t use the CoP scheme. Please double check the payment details with the payee if this happens.
You cannot opt out of using CoP when making payments to others. However, you can choose to opt out of having your own account details checked by others when they are making payments to you. Keep in mind that opting out of this verification might make others hesitant to send you money if your details can’t be verified. If you are considering opting out, please speak to our branch staff or contact our colleagues in the contact centre for further guidance.
Things to Remember
- Always double-check the account name, sort code, and account number before completing a payment.
- If you receive a "No Match" or "Close Match" response, verify the details with the recipient using contact details from a website or bank statement if an organisation.
- If you choose to proceed with a payment despite a "No Match" warning, the bank may not be able to recover funds if they go to the wrong account.
- CoP is an extra layer of protection, but it’s important to remain cautious and verify account information yourself whenever possible.
- If you are paying a company or supplier, you should always ask for the account name as shown on their bank statement, this will ensure that you have the exact account name.
- Check the account type, confirm with the payee if it is a personal or business account.
- When making payment to a joint account, you are only required to provide one of the names of the joint account holders.
Protect yourself from scams
- Beware of impersonation scams through calls, emails, text messages, and social media, where fraudsters pretend to be from trusted organisations such as banks, law enforcement, HMRC, embassies, local councils, or well-known service providers.
- Always question the legitimacy of any call, email, or text message you receive. Ask yourself, "Could this be a scam?"
- If you are suspicious of a call you have received, don’t hesitate to end the call.
- If someone calls saying they are from a trusted organisation, including our Bank, and you are not sure if they are genuine, hang up and call them back using the phone number from their official website or your account statement.
- Never disclose your bank security details such as passwords, memorable information, PINs, or OTPs (one-time passwords) to anyone, even if you know them.
- Never let anyone remotely access your phone, computer, or tablet, and do not click on suspicious links you receive via email or text message.
- Do not let anyone pressure, rush, or force you into sending money, whether you know them or not. Scammers use this trick to pressure you into making rushed decisions.
We are always here to help
If you have questions about CoP or encounter issues with a payment, please refer to the attachment "Confirmation of Payee FAQs". Or you can contact our customer service team at 0800 389 5566 (from UK), +44 20 7282 8926 (from outside the UK), or email us at service.uk@bankofchina.com, or visit your local branch. You can find the address of your local branch on our website "Branches" Page.
Sincerely,
Bank of China London Branch
Bank of China (UK) Limited
18th October 2024
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