A new layer of protection for your payments is now live.
The Mutual Bank has introduced Confirmation of Payee (CoP) - an industry-wide service designed to help protect you from mistaken payments and scams when sending money to a BSB and account number.
What is Confirmation of Payee?
Confirmation of Payee checks the account name, BSB, and account number you enter against the details held by the recipient’s bank. It then lets you know whether the information matches, closely matches, or doesn’t match at all. This gives you more confidence that your money is going where you intend it to.
How does it work?
You don’t need to do anything to activate CoP, it’s already available in Internet Banking and the Mutual App. When you make a payment or update a payee’s details, you’ll see the match result before confirming the transaction.
Learn more, including some Frequently Asked Questions here.
