In a payments world where scams are growing more sophisticated, Confirmation of Payee (CoP) offers a powerful line of defence, stopping authorised push payment fraud before a transaction goes through.
What is Confirmation of Payee?
CoP is a simple but powerful mechanism that checks the recipient’s name against the bank account details you’re paying. If there’s a mismatch, the payment is flagged before it’s sent. This gives businesses and customers a chance to stop fraudulent or mistaken payments in their tracks. (Australian Banking Association)
Why CoP Matters for Businesses
- Prevent Financial Loss: Scammers often impersonate suppliers or employees to trick businesses into sending money. CoP acts as a final verification step before funds leave your account.
- Protect Your Reputation: Falling victim to a scam can damage trust with clients and partners. CoP reduces the risk of reputational harm.
- Streamline Processes: Modern payment systems integrated with CoP reduce manual checks and improve operational efficiency, letting your finance teams focus on real business tasks.
How CoP Works in Practice
- Enter the recipient’s account number and BSB as usual.
- CoP verifies the account name matches what the bank holds.
- If there’s a mismatch, you’re alerted and can pause or correct the payment.
This small step can make a huge difference, stopping fraud before it occurs rather than dealing with the aftermath.
Azupay + CoP
At Azupay, we help businesses integrate systems like CoP into their payments processes seamlessly. Combined with tools like ConnectID, you can verify both the account and the identity of the recipient, giving you multiple layers of protection against scams.
Take Action Today
Scams can happen to any business. But with CoP and ConnectID, you can stay one step ahead. Make sure your business processes include these safeguards and educate your teams to verify payments before sending.
Want to learn more about Confirmation of Payee and how Azupay can help your business prevent scams?
