TL;DR: Confirmation of Payee (CoP) checks the name you type against the BSB and account number before a transfer. You’ll see Match, Close match or No match (plus "account closed" or "not found"). It started in July 2025, now covers 100+ institutions, and was used 150 million times in its first year. It’s a warning, not a block. And CoP never contacts you, so any message claiming to be from it is a scam.
How it works
From the Australian Banking Association:
| Result | What it means | Shows name? |
|---|---|---|
| Match | Name and account details agree | Yes |
| Close match | Similar but not exact ("John Smyth" vs "John Smith") | Yes |
| No match | Name doesn’t fit the account | No (for personal accounts) |
| Other | Account closed, not found, or check couldn’t run | — |
Rollout
- Started July 2025; now live nationally at participating banks.
- 100+ banks, credit unions and mutuals.
- 150 million+ uses in year one; 8 in 10 Australians have seen or used it.
Is it working?
The ABA reported in March 2026 that:
- CoP was live at 83 financial institutions, covering more than 143 million bank accounts;
- at one bank alone, customers abandoned more than 450,000 payments after a "No match" result;
- more than 10,000 of those abandoned payments were heading to accounts flagged on the Australian Financial Crimes Exchange;
- a customer-owned bank in Newcastle stopped a $6,000 scam payment.
Banks spent $100 million building it, with no taxpayer funds. "Confirmation of Payee introduces just enough friction to prompt people to pause and reflect," said Adrian Lovney of Australian Payments Plus.
Australia isn’t first: the ABA notes the Netherlands launched name checks in 2017, the UK in 2020 and New Zealand in 2024, and euro-area payment providers have had to offer a similar "Verification of Payee" since October 2025.
CoP vs PayID
- PayID lets you pay to a phone number or email.
- CoP protects payments to a BSB and account number, like paying a tradie from an invoice.
What to do with a "No match"
Stop. Verify the details with the payee using contact details you already trust, not ones from the email, text or invoice. That’s exactly the gap payment redirection scams exploit: fake invoices with the right business name and the scammer’s account number. See property settlement scams.
A "No match" on a $3,000 invoice is your bank tapping you on the shoulder. Listen to it.
Innocent close or no matches
They can happen when:
- a business trades under a different name;
- someone uses a nickname;
- special characters differ ("O’Brien" can be typed "O Brien").
The limits
- It’s a warning, not a block. You can still send.
- A scammer can open an account in a name that matches what they told you. A "Match" proves the name, not the honesty.
- Money sent to the wrong account can be hard to recover.
- CoP only covers domestic BSB and account number payments, not overseas transfers.
A scam to watch
CoP will never contact you, ask you to send money or ask for account details. "Confirmation of Payee team" calls or texts are fake.
If you think you’ve been scammed, call your bank immediately and report to Scamwatch. If you’re unhappy with your bank’s response, you can escalate to AFCA. Banks’ new legal duties are explained in our Scams Prevention Framework guide.
Frequently Asked Questions
What is Confirmation of Payee in Australia?
A check that compares the account name you enter with the BSB and account number before a transfer goes through.
What should I do if I get a No Match?
Verify the payment details with the payee using contact details you already trust before sending.
Does Confirmation of Payee block payments?
No. It’s a warning; you can still choose to continue.
Does Confirmation of Payee work for overseas payments?
No. It only covers domestic payments to a BSB and account number.
Is Confirmation of Payee stopping scams?
The ABA says that at one bank alone, more than 450,000 payments were abandoned after a No match result, including over 10,000 heading to accounts flagged for financial crime.
Will Confirmation of Payee ever contact me?
No. Messages claiming to be from Confirmation of Payee are scams.
Sources
- Australian Banking Association: Confirmation of Payee
- ABA: Banks hit major milestones as scam-fighting technology stops thousands of risky transfers (Mar 2026)