The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud.
At present, anyone wanting to transfer money enters the intended recipient's name, account number and sort code. However, the name is not checked.
Under plans from the UK's payments operator, the sender will be alerted if the name does not match the account.
Banks have been accused of dragging their heels in introducing the system.
It is designed to combat cases when fraudsters mimic a genuine business and attempt to trick people into sending money to an account controlled by the con-artist.
Details of how the "confirmation of payee" system will work have been revealed by Pay.UK - the operator which oversees the UK's major payments systems.
Stop & Think: Take Five To Stop Fraud.
No comments:
Post a Comment