Confirmation of Payee, a name-matching service developed by Australian Payments Plus (AP+), is designed to combat scams and safeguard customers.

As part of the Scam-Safe Accord—a set of sector rules aimed at enhancing customer safety—Australian banks have invested A$100 million in this innovative technology. The service aims to minimize scams and errors by verifying that the name, BSB (Bank State Branch), and account number align with the data held by the recipient bank before a payment is executed.

Enhanced Fraud Prevention for Australians

AP+ seeks to empower customers in their daily transactions, providing an additional layer of security. The Australian Banking Association highlights the continued importance of investing in advanced fraud prevention technology to further reduce scam losses and protect consumers.

This solution is particularly effective for first-time payments using a BSB and account number. Customers are required to enter the account name and payment details, after which a matching service verifies the accuracy of the information against the recipient’s bank records. Depending on the outcome:
– If the details match perfectly, the account name will be displayed for confirmation.
– In cases of close matches, customers can review the account name and confirm its accuracy.
– For non-matching details, a warning will be shown without revealing the account name to preserve privacy.

For business or government accounts, the recipient’s name may still be displayed. Customers have the option to proceed with the transaction, double-check the details before proceeding, or cancel the payment altogether based on the information available.