Australian banks have unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals.
New banking tech helps Aussies spot scams before they happen
If you’ve ever worried about accidentally sending money to the wrong person - or worse, a scammer - there’s good news. Australian banks have just rolled out Confirmation of Payee, a smart new feature designed to help you double-check who you’re paying before your money leaves your account.
Backed by a $100 million investment across the banking sector, this tech is part of the Scam-Safe Accord, a major initiative to protect Australians from financial fraud.
How it works:
When you make a first-time payment using a BSB and account number, Confirmation of Payee checks if the account name you entered matches the account details at the receiving bank. You’ll see one of the following before you hit send:
- ✅ Exact match – the account name matches, so you can proceed with confidence.
- 🤔 Close match – you’ll see the name and decide if it’s close enough (e.g. “John Smyth” vs. “John Smith”).
- ⚠️ No match – you’ll get a warning, and the account name won’t be shown to protect privacy.
- 🏢 Business/government accounts – names may still be displayed even if there’s no match.
This gives you the chance to pause, double-check, or cancel the payment—putting you in control and helping stop scams before they happen.
The launch is part of a national campaign called “Check the name. Spot the scam.” - aimed at helping Aussies stay one step ahead of fraudsters.
Whether you’re paying rent, splitting bills, or sending money to mates, Confirmation of Payee is designed to make your banking safer and smarter.
How do I activate Confirmation of Payee?
You don’t need to take any action if you're using the latest version of the App or Online Banking. Confirmation of Payee is already available and will automatically appear when you make a payment to a BSB and account number, or when you edit a payee’s details.
If you're not using the current version of the App, you may need to update it to access this feature.