Banks Add Speed Bump to Stop You Sending Money to Crooks

Banks add speed bump to stop you sending money to crooks

Australian banks have launched their most significant anti-fraud initiative to date, unveiling a $100 million name-matching technology designed to stop customers from accidentally sending money to scammers before it’s too late. The new “Confirmation of Payee” service represents the banking sector’s latest weapon in an escalating battle against increasingly sophisticated fraud schemes that have cost Australians hundreds of millions of dollars in …

Australian Banks Launch Nationwide Confirmation of Payee Scheme for Enhanced Security | Fintech InShorts: Latest fintech news, analysis by experts

New initiative aims to reduce fraud and improve trust in digital transactions. Highlights: Australian banks have initiated a nationwide Confirmation of Payee scheme. The scheme is designed to enhance security and reduce financial fraud. Consumers and businesses will be able to verify payee details before transacting. The recent launch of the Confirmation of Payee scheme by Australian banks represents a significant step forward in digital transa…

Australian banks unveil new scam-protection technology

Australian banks have unveiled a new name-matching service designed to help protect customers from being tricked into sending money to criminals. The Confirmation of Payee is a key initiative of the sector’s Scam-Safe Accord, which safeguards by banks to help keep the money of Australians safe, with $100 million invested to make this technology a reality. The service is activated when a customer makes a first-time payment using a BSB and account…

​Australian banks launch new defence in battle against scammers

Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord – a set of world-leading safeguards by banks to help keep the money of Australians safe. Adrian Lovn…

Australian banks launch Confirmation of Payee - a new defence in battle against scammers - Australian FinTech

Australian banks have today launched of Confirmation of Payee – a new name-matching service designed to help protect customers.