Most of us transact daily online. Whether making a payment or a deposit into your savings account, we enjoy the convenience of doing it via the internet.

Confirmation of Payee (CoP), a fraud-fighting tool introduced in 2020, is getting a major upgrade to offer you even greater security, known as Confirmation of Payee 2 (CoP2). Let's break down what CoP2 means for you, the consumer.

What is Confirmation of Payee?

Imagine accidentally misspelling an email address when sending an important document. With payments, that mistake could mean your money landing in the wrong account, CoP is a service that helps prevent this.

When you make a payment online, CoP checks the name you enter for the recipient against the name on their bank account or the account reference provided. If there's a match, you get a confirmation, giving you peace of mind. If not, your bank will warn you of a potential mismatch, allowing you to double-check the details before sending.

What's new with CoP2?

CoP was initially rolled out to a limited number of banks, this service is now expanding to many more financial institutions, meaning more people will be protected.

What’s more, under CoP2 your account or application reference that you use when sending money to Paragon’s account with HSBC will also be verified as being linked to your name. This is known as ‘secondary reference data’.

This wider reach is expected to significantly reduce scams and payments accidentally going astray.

What this means for you

CoP2 is good news! Here's what you can expect:

• Increased security: CoP2 adds another layer of protection to your online payments, making it harder for scammers to steal your money.
• Reduced fraud risk: With more checks in place, fraudulent attempts to divert payments are less likely to succeed.
• Greater confidence: When making online payments, CoP2 can give you peace of mind knowing your money is going where it's intended.

What do I need to do?

CoP2 happens automatically behind the scenes when you make a payment to us. You don't necessarily need to do anything differently, but you might notice some changes when you make a deposit to your Paragon account.

As the scheme is rolled out, you may need to re-add your Paragon account as a Payee with your nominated current account provider.

Additionally, it's always good practice to:

• Double-check payee names and account details before confirming a payment.
• Be wary of unsolicited emails or calls requesting payments.
• If unsure about a payee, contact the recipient directly to confirm their details.

For more information about how to protect yourself online, please visit our security and staying safe online webpage.