After Louis lost $109k to scammers, banks are finally combatting the 'flaw' the scammers used
The banking sector is rolling out a new system intended to combat scam losses by telling customers when a payment recipient's name does not match other account details.
Louis May lost his $109,000 first home deposit to scammers in July last year. The scam began with an email, purporting to be from his conveyancer, requesting property settlement, and included account details and a fraudulent PEXA (Property Exchange A... [11435 chars]
Read the full article here: https://www.abc.net.au/news/2025-07-03/banks-to-roll-out-confirmation-of-payee-system-to-combat-scams/105485526
Source: Australian Broadcasting Corporation
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