(Clockwise from top left) The logos of NAB, ANZ, Westpac, and Commonwealth Bank. Source: AAP Image/ Joel Carrett.
Small businesses and everyday bank customers will soon be shielded from costly scams by a $100 million “confirmation of payee” system, designed to bind a bank account number with the name of its owner.
The Australian Banking Association (ABA) on Friday revealed its Scam-Safe Accord, a new, collaborative initiative from major banks and credit unions across Australia.
It includes major technical upgrades allowing banks and their customers to detect, prevent, and report fraudulent transactions.
At the core of the system is the “confirmation of payee” initiative, which will effectively lock a bank account number with the personal details of its owner.
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