Community
The All Party Parliamentary Group's report on bank and credit account fraud highlights the growing threat to existing accounts. Equally concerning is the misuse of accounts through Direct Debit fraud, which is recognised by banks and corporate organisations as a growing problem.
These threats highlight the importance of establishing bank customers' identities and the relationship they have to an existing account by not only validating their bank details, but also additional information such as their name and address. Only by being able to make the link between these pieces of information is it possible to ensure that payments data is correct at the point of input and this will minimise the risk of fraud.
Banks and corporates need to ensure they have the systems in place to check the accuracy of customer-supplied personal and bank account information. It is only when the appropriate systems have been implemented that the supplied name and address can be checked against a reliable reference. Linking these key pieces of information is a vital measure in preventing criminals from hijacking accounts that do not belong to them.
Jonathan Williams Director of Communication and Product Strategy, Experian Payments
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Patrick Bermingham CEO at Adflex
29 August
Ben Lane VP of Colleague Experience Group at American Express UK
28 August
Alex Kreger Founder & CEO at UXDA
27 August
Luigi Wewege President at Caye International Bank
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.