How will Confirmation of Payee combat fraud?

  • Updated

Confirmation of Payee will not prevent fraud entirely but is one of a range of measures used by the industry to help combat fraud and the organised criminal groups responsible. 

Situations where the name does not match could well be a fraudulent transaction or a scam. You should not proceed with a payment if any of the details do not match. You should never feel embarrassed or reluctant to check if the payee name is correct. This could mean the difference between paying money to a correct account or into the hands of criminals. 

You should contact us if you are concerned you may be, or have been, a victim of fraud.

You are the front line of defence against fraud and should ensure you keep their information up to date. You should always remember to stop, challenge and protect yourself, particularly when faced with:

• A ‘no match’ Confirmation of Payee response;

• Someone pressuring or coercing you to make a payment;

• Changes to account details;

• Payment requests from unknown persons;

• Someone changing their name or payment account.

More information on how to stay safe from fraud and scams is available on the Take Five website.

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