Property News · July 30, 2016

Action at last on bank transfers to make them safer


Financial authorities have finally proposed introducing a ‘confirmation of payee capability’ to the payments system, likely requiring some form of ID Guardian Money has long argued that UK bank transfers need some simple but important reforms that would stop a great deal of bank fraud in its tracks, but the financial authorities have failed to respond – until now.As things stand, you can put any name into a money transfer request (even Mickey Mouse) and the payment will go through as long as the sort code and account number match up. Continue reading…

Source : theguardian.com
Read more…Action at last on bank transfers to make them safer

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