From today, Australian banks are introducing a new service designed to help protect customers from being tricked into sending money to scammers, or accidentally transferring funds to the wrong person.

When transferring money, payees will notice an additional step is required.

Chief Payments and Schemes Officer at Australian Payments Plus, Adrian Lovney, told 6PR Breakfast “it’s going to be an additional step that’ll help ensure people aren’t paying scammers or making a mistake in payment”.

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