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Q:

Security advice when running a confirmation of payee name check

A:

Once you've run a beneficiary name check you'll get one of these results:

  • A match: the payee name you’ve entered matches the payee you’re paying. 
  • A close match: the account details provided don’t match the account name exactly.
  • No match: The account details provided didn’t match.
  • Confirmation of payee unavailable

Even if the result is a match, please be aware that criminals use various techniques to spoof, intercept and alter the content of emails, including beneficiary sort codes, account numbers and payee names.  If you're using beneficiary details that you've received via email, always check the details are correct:

  • Confirm that the payment request is genuine – do you know what the payment is for, do you recognise the beneficiary and is an invoice available to support it?  If not, call the person in your organisation who requested the payment, using a telephone number you know to be genuine.
  • Confirm with the intended payee that the account details belong to them.  Call them on a telephone number you know to be genuine – don’t rely on phone numbers quoted in emails.

For more information on how Confirmation of Payee works in Bankline, visit this page.

And for the latest advice on scams to watch out for and how to keep your business safe online: visit our security centre.

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