Banks in Australia are officially rolling out Confirmation of Payee, a name-matching service to protect customers from scams.
Investing around $100 million in the technology, banks aim to keep consumers' money safe through the Scam-Safe Accord initiative.
Confirmation of Payee helps reduce scams by verifying name, BSB, and account number details before payments are made, giving customers more control and confidence.
Australia's banking sector is leading in customer protection against scams with the implementation of Confirmation of Payee, contributing to the reduction of scam losses and enhancing customer safeguards.