Scams are costing Australians billions each year and the pressure is mounting on banks and mutuals to continuously step up their defences. That’s the goal of the 2024 Scam-Safe Accord, a new industry framework led by the Australian Banking Association (ABA) to reduce scam losses and improve customer protection.
A key ABA recommendation is the introduction of Confirmation of Payee (CoP) – an industry-wide service initiative of Australian Payments Plus that matches the bank account details entered by a payer with the account details held by the recipient’s bank and displays a match outcome to the payer.
Data from the 2024 Mapping Social Cohesion Report shows nearly half of Australians believe most people can be trusted which suggests they may not instinctively have fraud or scams front of mind . CoP creates a pause in the payments process, alerting customers before money moves and helping to safeguard people and businesses from fraud, scams and mistaken payments.
Indue is enabling clients to adopt CoP and strengthen payment security across the board. So how effective is it? And what role does it play in the evolving payments landscape?
We spoke with Indue’s Head of Innovation & Strategic Initiatives, Jenny Osborne to find out.
Why is CoP such a significant step forward for payment security in Australia?
Scammers often rely on urgency and quick decisions to trick people, so CoP creates a pause in the digital payments process to encourage people to stop and think, before they are caught off guard.
It puts customers in the driver’s seat, helping them make more informed choices before the transaction is complete and it may be too late. It also offers confirmation to ease doubts when something doesn’t add up.
Tools like CoP provide an important extra layer of defence for Australians to reduce both scams and mistaken payments.
What does CoP mean for Indue customers?
Under the 2024 Scam-Safe Accord, CoP is set to become an industry-wide standard. For our customers, adopting this technology is about more than compliance; it’s about keeping pace with the latest trends and maintaining parity with the bigger banks.
Scammers are quick to identify gaps in the system and banks that don’t adopt this safeguard may be seen as easy targets.
That’s a real challenge for our clients and we’re working closely with them to make sure they’re protected and prepared.
What does experience with CoP-style technology overseas tell us? And what should Australians be looking out for?
Versions of CoP exist globally across the EU, UK, New Zealand and other countries globally.
One of the most significant changes overseas has been liability. Last year, newly introduced rules from UK Payment Systems Regulator mean both the payer bank and the payee bank now share responsibility if someone is scammed . It’s a strong signal that regulators expect more from financial institutions – and it’s a trend Australia needs to be ready for.
Where does CoP fit in the broader push for safer digital payments? And what’s next?
Scams and fraud have been steadily rising in recent years and CoP is just one of many tools needed to respond.
Scammers often have more time and fewer rules than the organisations trying to stop them, which makes coordinated action across businesses and industries even more important. No one tool will be the saving grace but what’s needed is a combination of tools, regulation and education.
We’re already seeing more obligations passed down through the Treasury, Australian Banking Association and Customer Owned Banking Association, and that pressure is only going to increase.
Payment security is no longer optional but a shared responsibility across our entire digital ecosystem.
Important Information: This article has been prepared by Indue Limited (ABN 97 087 822 464) (Company) and was originally published on 08 July 2025 on www.indue.com.au. Information is current as at the publication date, and the Company has no obligation to update or correct this article. The information contained in this article is of a general nature and is not intended to address the objectives or needs of any particular individual entity and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this article or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise). © 2025 Indue Limited
