Roger Beaumont: Banks to introduce Confirmation of Payee system
Heather du Plessis-Allan Drive · Newstalk ZB
October 10, 20244m 21s
Audio is streamed directly from the publisher (pdst.fm) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
In a crucial step towards reducing scams, banks will introduce a Confirmation of Payee system next month to be fully in place by Easter of next year.
The system notifies a customer if the name and account they are transferring money into don't match up.
Similar schemes have been successful in Australia and the United Kingdom.
New Zealand Banking Association Chief Executive Roger Beaumont joins Francesca Rudkin with more on how it works.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Topics
bankingbank scam