In a crucial step towards reducing scams, banks will introduce a Confirmation of Payee system next month to be fully in place by Easter of next year. 

The system notifies a customer if the name and account they are transferring money into don't match up. 

Similar schemes have been successful in Australia and the United Kingdom. 

New Zealand Banking Association Chief Executive Roger Beaumont joins Francesca Rudkin with more on how it works. 

LISTEN ABOVE

In a crucial step towards reducing scams, banks will introduce a Confirmation of Payee system next month to be fully in place by Easter of next year.&nbsp;
The system notifies a customer if the name and account they are transferring money into don't match up.&nbsp;
Similar schemes have been successful in Australia and the United Kingdom.&nbsp;
New Zealand Banking Association Chief Executive Roger Beaumont joins Francesca Rudkin with more on how it works.&nbsp;
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Roger Beaumont: Banks to introduce Confirmation of Payee system

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5cfdc5a5-1b91-490e-bfd5-b205006b0ab3/transcript

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