My bank displays a Confirmation of Payee alert when I try make a deposit. What should I do?
Who is Modulr FS Ltd (https://www.modulrfinance.com)?
Modulr FS Ltd, or Modulr, is an electronic money financial institution regulated by the Financial Conduct Authority, and is our trusted and secure payments partner which allows your credit union to make or receive payments to and from its customers. As part of the service, your credit union uses Modulr’s sort code, which is why you may see a reference to “Modulr” or “Modulr FS Ltd”.
Why might I see a warning about Modulr FS Ltd?
Confirmation of payee (CoP) checks whether the name of who you are transferring money to matches the account details. A payee is a term to describe a person or business that you are paying money to. This technological feature is used to help avoid payments to the wrong accounts. It also adds another layer of protection in the fight against fraud and scams. Modulr is in the process of being recognised by all ‘Confirmation of Payee’ technology, but until then you may get an alert about them when trying to make a payment to one of the credit unions we work with.
What should I do if I get a warning about Modulr FS Ltd?
If you see an alert referencing Modulr FS Ltd when making a payment to your credit union:
- check you’ve entered the credit union’s account details correctly as they’ve given them to you;
- even if the details are correct, you may still see the Confirmation of Payee warning. ONLY choose to continue if you are sure you’ve entered your credit union’s account details correctly, as you may not be able to get the money back if the payment goes wrong;
- if you remain unsure, please call our Customer Services Team on 020 3375 0221. They can provide you with further guidance on next steps. Phone lines are open Monday to Friday 8am – 6pm (excluding bank holidays)
Please refer to the Take Five to Stop Fraud (https://takefive-stopfraud.org.uk/) campaign for more information on how to protect yourself from fraud or contact us with any queries.
