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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.
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.
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:
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:
For more information about how to protect yourself online, please visit our security and staying safe online webpage.
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551