Australian Banks launch national name-check technology to prevent scams
$100 million sector-wide rollout of Confirmation of Payee delivers real-time name matching to prevent fraud
Australian banks have unveiled a powerful new tool to protect customers from financial scams called Confirmation of Payee, a real-time name-checking service that matches the account name, BSB and account number before payments are made.
Key points
- New “Confirmation of Payee” technology now rolling out across Australian banks
- Real-time matching of account name, BSB and account number before payment
- Supported by a national awareness campaign: “Check the name. Spot the scam.”
Developed by Australian Payments Plus, this national initiative is backed by a $100 million industry-wide investment and forms a core component of the sector’s Scam-Safe Accord, a commitment by banks to proactively fight fraud.
It’s a simple concept, but it adds a powerful extra layer of protection for everyday transactions.
By verifying the payee’s details in real time, the service helps reduce both mistaken payments and scams. Depending on the match quality, customers will either see a confirmation, a warning or be advised to check details again before proceeding.
Australian Banking Association CEO Anna Bligh said the technology sets Australia apart globally. Elizabeth Crouch AM, Chair of the Customer Owned Banking Association, added: “Australia’s mutual banks are working hard to protect their customers’ money, and this is a big leap forward. Customer-owned banks are committed to delivering protections that genuinely work for their customers and communities.”
The feature is rolling out now, complemented by a national awareness campaign under the tagline “Check the name. Spot the scam.”
How it works
- Exact match: Account name is shown for customer confirmation
- Close match: Slight name variation shown (e.g. John Smyth vs John Smith)
- No match: Customer warned; name not displayed for privacy reasons
- Business/government accounts: Name may still be shown.
To learn more about protecting your Australian business and personal finances from scams, speak to your banking provider or visit ausbanking.org.au for details on the Scam-Safe Accord and the Confirmation of Payee rollout.
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