With the newly implemented CoP rule changes, insurers are finally able to verify payee bank accounts with the same accuracy banks have benefitted from since 2019.
This allows insurers to prevent high-value fraud attempts by confirming that beneficiaries genuinely own the accounts they present.
Reduce operational cost and complexity caused by payment failures, errors, and manual identity checks.
See how CoP reduces fraud, accelerates payouts and protects your claims operations
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Insurance fraud carries disproportionately high financial impact compared to other sectors. While transaction volumes are lower, average attempted fraud sits at £13,400, far higher than typical consumer APP fraud (£2,000) or even business payments (£11,000). Investigating fraud is labour-intensive, costly, and the money is often unrecoverable.
Industry figures highlight the trend:
Insurance payouts represent high-value targets, and the lack of reliable beneficiary verification has historically enabled:
CoP was originally restricted to retail banking channels. Corporates (including insurers) couldn’t use it to verify claims, suppliers, payroll, or Direct Debits.
Rule changes now permit full corporate use, enabling insurers to:
This is a high-value shift for the entire sector, and it’s particularly urgent given the government’s insurance fraud task force aiming to “strengthen data security measures to stop fraudsters using customer details to target people.”