How to Make Sure My Payment Is Safe
Over £1.1 billion was stolen by fraudsters in the UK in 2024. Here's a practical guide to making every payment safely.
Every time you make a payment — whether it's for a builder, a car, an online purchase, or a business invoice — there's a risk that the money could end up in the wrong hands. In 2024, over £1.1 billion was stolen by fraudsters in the UK (UK Finance Annual Fraud Report 2025).
The good news? Most fraud is preventable with a few simple checks.
The golden rules of safe payments
1. Verify who you're paying
This is the single most important step. Before you send any money, confirm that:
- The bank account name matches the person or business you think you're paying
- The company is real and registered with Companies House
- Their VAT number is valid (if they've quoted one)
- They have a genuine online presence with real reviews
2. Use the right payment method
Your choice of payment method determines how much protection you have:
| Method | Protection level | |---|---| | Credit card | Best — Section 75 covers purchases £100-£30,000 | | Debit card | Good — chargeback available within 120 days | | PayPal Goods & Services | Good — 180-day buyer protection | | Bank transfer | Minimal — very hard to recover once sent | | Cash | None — no trail, no recovery | | Cryptocurrency | None — irreversible and untraceable | | Gift cards | None — a hallmark of scams |
Rule of thumb: If someone insists on bank transfer, cryptocurrency, or gift cards, treat it as a red flag.
3. Check Confirmation of Payee
Most UK banks now offer Confirmation of Payee (CoP) — a service that checks whether the name you've entered matches the name on the receiving bank account. If you get a "no match" or "partial match" warning, stop and investigate.
4. Don't rush
Scammers rely on urgency. Common tactics include:
- "The price will go up tomorrow"
- "Someone else is about to buy it"
- "We need payment today or we can't start the work"
Legitimate businesses and sellers will give you time to verify their details.
5. Be extra cautious with large payments
The bigger the payment, the more checks you should do:
- Under £100: Standard care — check the seller's profile and reviews
- £100 – £1,000: Verify the bank account name and company details
- £1,000+: Full verification — bank account, Companies House, VAT, reviews, and ideally meet in person for physical goods
6. Verify changes to payment details
If a supplier, tradesperson, or anyone you're paying contacts you to say their bank details have changed, always verify this independently. Call them on a number you already have — not one from the email or message claiming the change.
This type of fraud (mandate fraud) accounted for a significant portion of the £450 million+ lost to APP fraud in 2024.
When to be most vigilant
Certain situations carry higher fraud risk:
- Paying a new supplier or tradesperson for the first time
- Buying a vehicle from a private seller
- Paying a deposit for property, building work, or an event
- Responding to an invoice received by email
- Buying from online marketplaces like Facebook Marketplace, Gumtree, or eBay
- Paying someone you've only communicated with online
What to do if something goes wrong
If you think you've been scammed:
- Contact your bank immediately — they may be able to stop or reverse the payment
- Report to Action Fraud — 0300 123 2040 or actionfraud.police.uk
- Report to the platform — if the scam happened on a marketplace
- Keep all evidence — screenshots, messages, emails, bank statements
Check before every payment
The easiest way to make sure your payment is safe is to verify the recipient before you send the money.
WhoAmIPaying runs Confirmation of Payee, Companies House verification, VAT validation, and online review checks — all in under 30 seconds. Your first check is free.