Introducing Confirmation of Payee to help prevent Fraud

We’re pleased to announce that we’ve successfully expanded our account name-checking service, Confirmation of Payee (CoP).

What is Confirmation of Payee (CoP)?

Confirmation of Payee [or COP] is the banking system wide facility used when making a payment to another person or business from within your banking app.

It verifies that the details you are using to pay are the correct ones.

This is another step to helping mitigate and reduce instance of authorised push payment (APP) fraud in the UK.

What does this mean for you?

If you create a NEW payment to your Ecology account, you will now need to provide the ‘Name of payee’ (you) in the payment set up as well as your account reference or roll number.

This is a change from the current process where payments are made to the account in the name of Ecology Building Society.

By making this change, you’ll now know that the roll number provided is correct and a match for your Ecology account.

Guidance for setting up new payments can be found in our Savings FAQ section and in your Welcome Letters if you’re new to Ecology.