Bank customers are losing millions of dollars a year to scams because banks do not check account names on electronic payments. According to the reports, a property investor Alex Smith lost $ 13,000 when he paid what he thought was a legitimate invoice. He argues the bank should have been alerted to the scam when the name of the account holder did not match the BSB and account numbers. The Australian Consumer and Competition Commission (ACCC) says this type of fraud could be reduced if banks checked the name of the account holder when processing an electronic funds transfer.
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