Property News · November 29, 2016

Banks act to stop transfer scams and errors


‘Confirmation of payee’ system matches account number to holder’s name, so users will know cash is going to right recipientBritain’s banks and building societies are promising a radical change to the way account holders send money to other people in a bid to tackle ballooning fraud and “fat finger” problems.In future, the “confirmation of payee” system will mean that when someone types in a sort code and account number to transfer some money, they will receive an instant message saying something like “Is ‘Fred Bloggs’ the person/business you intended to send the money to?” Crucially, this will appear before the money leaves the person’s account. Continue reading…

Source : theguardian.com
Read more…Banks act to stop transfer scams and errors

You may also like...