Banks to launch anti-scam measure, confirmation of payees, next month

The service should be fully available across all participating banks by next Easter. (Image: Getty)

Thu, 10 Oct 2024

Banks are about to begin implementing confirmation of account payees' names in a bid to thwart fraudsters.The feature, to be phased in from the end of next month, will notify someone making a domestic payment if the name they enter doesn't match, or is a partial match to, the name attached to the account number, before the payment is made.The New Zealand Banking Association (NZBA) said confirmation of payee will provide an extra layer of reassurance for customers in NZ, but cautioned people not to be complacent.It said scammers and...

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