Bank customers are losing millions of dollars a year to scams because banks do not check account names on electronic payments.The ACCC says banks could reduce the number of scams by checking the account holder's nameProperty investor Alex Smith lost $13,000 when he paid what he thought was a legitimate invoice.
He argues the bank should have been alerted to the scam when the name of the account holder did not match the BSB and account numbers. "I think the bank, through requiring you to put the name in, is implying to the consumer that there will be a check — and there isn't," Mr Smith told 7.30.The Australian Consumer and Competition Commission says this type of fraud could be reduced if banks checked the name of the account holder when processing an electronic funds transfer.
When I make a payment from my Thai bank account I'm given the name of the account holder in real time before authorising the transfer. Unbelievable that Australia can't match the technology of the Third World
Instead of focussing on the CBA how about looking at ASIC and the billing scams that are being perpetrated under its name by companies holding ABN's and names issued by ASIC.
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