A new 'confirmation of payee' service is being rolled out by the banks.
Now when making a bank transfer to someone new, when entering in the name and account number, users will now get a warning if the two don’t match.
The idea is to make it easier to spot being scammed.
GetVerified chief executive Duncan Robertson joined Heather du Plessis-Allan.
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Speaker 1 (00:01):
You've been tracking where the money is flowing. Of a
business hour with Hider due to c L and my
HR on News Talks.
Speaker 2 (00:09):
Ab evening coming up in the next hour. We're gonna
have a chat about tam Trump tariffs. He's obviously threatened
that he's going to do it on day one. Talk
to Peter Lewis about whether China is taking that seriously
or not. Barry Soap will rap the political week that was,
and we'll go to the UK as well. At seven
past six. Now, a new confirmation of payee service has
been rolled out by the banks. From now on, when
(00:29):
you make a bank transfer to somebody you haven't made
a bank transfer to before, and you put in the
name in the account number you're transferring to, you get
a little warning if those two things don't match. The
idea is to make it easier for us to spot
when we might be being scammed. Duncan Robertson is the
CEO of get Verified, which is the organization that set
this all up, and he's with us. Now, Hey Duncan, Hey, Heather,
(00:50):
how often is it happening that this is how we
get scammed where the number that we're given doesn't match
the name.
Speaker 1 (00:56):
Oh. I don't have any precise figure facts and figures
on that, but obviously from offshore experiences, it's a key
control and preventative to ensure that you're paying the person
you thought you were paying.
Speaker 2 (01:09):
So how it's going to work is that if let's
say I want to send some money to you, put
your name in and I'll put your bank account number in,
and if they don't match, it just it tells me
that they don't match. But I can still force it through, can't.
Speaker 1 (01:21):
I yeah, I mean the customer can still make the payment.
I guess the key thing is as a customer of
the ten banks that are in the process of rolling
this out, you don't need to do anything different from
what you already do. It's just when the service is available,
you'll get a pop up message to say, yep, that's
a match, or it looks like you've got a couple
of typos, it's a partial match, or no. The name
(01:43):
and the account number you even put it are not
the same as what the receiving bank has.
Speaker 2 (01:47):
So I imagine that it might be a little niggly
for some people, right because I don't know, Maybe I'll
put in duncan Robertson with an sen and that would
be sufficient for me for it to flag that I'm
not sending it to the right person. And there may
be quite a few people who get slightly irritated.
Speaker 1 (02:03):
Do you think, I mean the key other thing just
to call out, Yeah, you can get irritated, irritated, But
the key is that the banks are also rolling out Basically,
they're rolling out of service whereby you can go as
if you want to get someone like if I wanted
you to pay me, I'd go into my bank account
and then I essentially would send you the account validated
name and account number, and then you can put that directly.
(02:25):
So there are ways to mitigate that.
Speaker 2 (02:28):
With that already, Like I think because I bank with
ASB and I'm pretty sure that I can just send
you can you can share your account number and now
it would be share my account number and my account
name presumable. Yeah.
Speaker 1 (02:37):
Yeah, it has your full registered name and your account number,
so it makes a lot easier.
Speaker 2 (02:41):
Yeah, good stuff. Hey was this very hard to build?
Speaker 1 (02:45):
Well, we you know, worked a bunch across the banks
and we quickly decided actually rather than build it ourselves
like the UK have had it for a number of years,
let's you know, let's use what they've gotten that really
split up the process. So we've partnered with a UK
organization to achieve that, which you know, we agree the
requirements in April and we've gone live in November, so
you know that definitely was the right way to go.
Speaker 2 (03:06):
This is such a no brainer. Why didn't we do
this years ago?
Speaker 1 (03:10):
Yeah, I mean it's a great question. I guess when
we looked at when you Zealand Bank Association back September
last year, looked around and said, well where are the
risks and then fundamentally where can the banks help because
obviously we can only get involved and we see at
the payment end of the process. So this was one
of the areas which we flagged has been an urgent
area to expediate and roll.
Speaker 2 (03:30):
Out brilliant stuff. Duncan, thank you very much for talking
us through to appreciated. That's Duncan Robertson, CEO of Get Verified.
Speaker 1 (03:36):
For more from Hither Duplasye Allen Drive listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.
You've been tracking where the money is flowing. Of a
business hour with Hider due to c L and my
HR on News Talks.
Speaker 2 (00:09):
Ab evening coming up in the next hour. We're gonna
have a chat about tam Trump tariffs. He's obviously threatened
that he's going to do it on day one. Talk
to Peter Lewis about whether China is taking that seriously
or not. Barry Soap will rap the political week that was,
and we'll go to the UK as well. At seven
past six. Now, a new confirmation of payee service has
been rolled out by the banks. From now on, when
(00:29):
you make a bank transfer to somebody you haven't made
a bank transfer to before, and you put in the
name in the account number you're transferring to, you get
a little warning if those two things don't match. The
idea is to make it easier for us to spot
when we might be being scammed. Duncan Robertson is the
CEO of get Verified, which is the organization that set
this all up, and he's with us. Now, Hey Duncan, Hey, Heather,
(00:50):
how often is it happening that this is how we
get scammed where the number that we're given doesn't match
the name.
Speaker 1 (00:56):
Oh. I don't have any precise figure facts and figures
on that, but obviously from offshore experiences, it's a key
control and preventative to ensure that you're paying the person
you thought you were paying.
Speaker 2 (01:09):
So how it's going to work is that if let's
say I want to send some money to you, put
your name in and I'll put your bank account number in,
and if they don't match, it just it tells me
that they don't match. But I can still force it through, can't.
Speaker 1 (01:21):
I yeah, I mean the customer can still make the payment.
I guess the key thing is as a customer of
the ten banks that are in the process of rolling
this out, you don't need to do anything different from
what you already do. It's just when the service is available,
you'll get a pop up message to say, yep, that's
a match, or it looks like you've got a couple
of typos, it's a partial match, or no. The name
(01:43):
and the account number you even put it are not
the same as what the receiving bank has.
Speaker 2 (01:47):
So I imagine that it might be a little niggly
for some people, right because I don't know, Maybe I'll
put in duncan Robertson with an sen and that would
be sufficient for me for it to flag that I'm
not sending it to the right person. And there may
be quite a few people who get slightly irritated.
Speaker 1 (02:03):
Do you think, I mean the key other thing just
to call out, Yeah, you can get irritated, irritated, But
the key is that the banks are also rolling out Basically,
they're rolling out of service whereby you can go as
if you want to get someone like if I wanted
you to pay me, I'd go into my bank account
and then I essentially would send you the account validated
name and account number, and then you can put that directly.
(02:25):
So there are ways to mitigate that.
Speaker 2 (02:28):
With that already, Like I think because I bank with
ASB and I'm pretty sure that I can just send
you can you can share your account number and now
it would be share my account number and my account
name presumable. Yeah.
Speaker 1 (02:37):
Yeah, it has your full registered name and your account number,
so it makes a lot easier.
Speaker 2 (02:41):
Yeah, good stuff. Hey was this very hard to build?
Speaker 1 (02:45):
Well, we you know, worked a bunch across the banks
and we quickly decided actually rather than build it ourselves
like the UK have had it for a number of years,
let's you know, let's use what they've gotten that really
split up the process. So we've partnered with a UK
organization to achieve that, which you know, we agree the
requirements in April and we've gone live in November, so
you know that definitely was the right way to go.
Speaker 2 (03:06):
This is such a no brainer. Why didn't we do
this years ago?
Speaker 1 (03:10):
Yeah, I mean it's a great question. I guess when
we looked at when you Zealand Bank Association back September
last year, looked around and said, well where are the
risks and then fundamentally where can the banks help because
obviously we can only get involved and we see at
the payment end of the process. So this was one
of the areas which we flagged has been an urgent
area to expediate and roll.
Speaker 2 (03:30):
Out brilliant stuff. Duncan, thank you very much for talking
us through to appreciated. That's Duncan Robertson, CEO of Get Verified.
Speaker 1 (03:36):
For more from Hither Duplasye Allen Drive listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.
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