ANZ has announced the launch of a new tool called Confirmation of Payee, aimed at enhancing payment security for its customers. This service is designed to verify if the account name matches the details held by the receiving bank, giving users control over their transactions and helping to prevent scams and mistaken payments.
Shaq Johnson, ANZ's Head of Customer Protection, stated: "We welcome the introduction of Confirmation of Payee as an important step in strengthening Australia’s payments system to help prevent scams before they happen." He emphasized that protecting customers from scams requires continuous effort across various sectors, with ANZ actively collaborating with industry partners to enhance these protections.
The new feature will be accessible through the ANZ App, ANZ Plus App, and Internet Banking for domestic transactions. It is engineered to function seamlessly without causing delays or disruptions in customer experience.
This development follows ANZ's previous announcement about two upcoming security features: Digital Padlock and Passwordless Web Banking. These initiatives aim to minimize risks associated with data breaches, fraud, and scams by allowing instant account locking and replacing traditional passwords with advanced authentication methods.
"The launch of Confirmation of Payee today is a critical step to helping Australian banks bolster their protections against scammers," concluded Mr. Johnson.
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