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.
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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