Plans for ‘confirmation of payee’ scam-busting tool
New Zealand banks have chosen a provider to supply long-awaited technology for checking account and payee details match up.
Nearly half of all scam losses were processed through crypto exchanges last year, Australian data shows.
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The New Zealand banking sector says it now has a preferred provider for setting up confirmation of payee, a key part of its response to the burgeoning problem of scams.
Industry body the New Zealand Banking Association (NZBA) says creating a confirmation of payee system to suit local conditions is a
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