Confirmation of Payee
18-06-20, 11:31 - Views: 219
The major banks have been forced by the regulator to introduce Confirmation of Payee. This stops a lot of online banking frauds as part of the transaction to send money asks for the beneficiary account name. The bank then checks with the receiving bank that who you think you are sending to is the correct named account. If the names don't match you are sent a warning giving you the opportunity to cancel the transaction if you suspect a fraud. Tesco Bank doesn't seem to be introducing this extra layer of fraud prevention, why?