68 0

Banks will begin checking that names on transfers match the account and warn customers if their is a discrepancy, in a move designed to stop fraud . Currently, lenders only check the account number and sort code for bank transfers, making it easier for fraudsters to convince customers to transfer money by saying the account belongs to a trustworthy company. Banks have been accused of dragging their feet on the change, which consumer groups say is relatively simple to implement. READ MORE. The "confirmation of payee" system should be rolled out in 2019 and is designed to help combat a rise in so-called advanced push payment (APP) fraud. In this type of scam, consumers are convinced to trans... Full story

18 October