Bank transfers & Confirmation of Payee

Lesson 6 of 14 in our free Banking & Payments guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Banking & Payments is free for everyone.

Questions you'll answer

You're paying a new flatmate's deposit share. Confirmation of Payee says 'no match'. Best move?

Red flag: “BANK ALERT: A new device has been added to your account.” — A scary alert out of the blue is the hook. Check in your banking app or call the number on your card, never a number in the text.
Red flag: “If this wasn't you, call us urgently on 07700 900456” — A mobile number, not one from the back of your card. Banks say: hang up and call 159 or the number on your card.
Red flag: “You will need to move your money to a 'safe account'” — There is no such thing as a 'safe account'. Banks never ask you to move money to protect it.
Red flag: “and ignore any name-mismatch warning, it's a system glitch” — Telling you to ignore Confirmation of Payee is a huge scam tell.
Fact: “Banks will never ask you to move money to a 'safe account'.” — Never, ever. Anyone asking is a scammer.
Fact: “Many victims of authorised push payment (APP) scams must now be reimbursed by UK banks.” — New rules from October 2024 mean most APP scam victims get money back — but report fast, and being careful still matters.
Myth: “Once a bank transfer is sent, there's nothing you can do.” — Call your bank immediately (159 works) — the sooner, the better the chance of stopping or recovering it.