Let’s face it: scams are on the rise. Everywhere.
To help prevent Aussies from losing their hard-earned money, Australian banks have started rolling out a system called Confirmation of Payee or CoP for short.
This initiative aims to prevent scams by verifying that the recipient’s account name matches the intended payee’s details before processing transactions.
What is Confirmation of Payee?
The CoP system is designed to protect consumers from sending money to the wrong person. In our case,