Confirmation of Payee (CoP), initiated in 2017 and launched in 2020, has proven to be an effective tool against Authorised Push Payment (APP) Fraud in the UK. CoP is a pre-validation service used by Payment Service Providers (PSPs) to authenticate the recipient’s name and account before executing a payment, helping to avoid accidental or deliberate misdirection of funds. After the peak of APP Fraud losses in 2021, CoP contributed to a 17% reduction in 2022, despite over 100,000 cases amounting to £482 million.
CoP’s users are regulated PSPs governed by the Payment Services Regulator (PSR) Directive. The system’s operation, including the rulebook, commercial and legal terms, directory management, and PSP onboarding, is jointly managed by Pay.UK and the Open Banking Implementation Entity (OBIE). Having started with the nine largest banks under the Competition and Markets Authority (CMA), the service now extends to 60 PSPs, encompassing over 92% of faster payment transactions. To further enhance coverage, the PSR’s Specific Directive 17 of October 2022 mandates an additional 400 PSPs to incorporate the CoP system by October 2024, increasing the coverage to over 99% of Faster Payments.
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