New anti-scam measures are on the way for online banking.

The New Zealand Banking Association has today announced our banks will roll out a 'confirmation of payee' service by the end of the year.

It will make direct cash transfers more secure, by cross checking names registered to accounts when transfers are made.

Chief executive Roger Beaumont says this project has been in the works since September 2023. 

"This is something that takes time, it has been progressed since we announced that in September - and we're moving at that pace." 

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