Wednesday, June 20, 2018

Make banking transfer more secure

We are now allowed to make an internet banking transfer be quoting the bank account number.

I suggest that the name of the payee should also be spelled correctly. If the name and bank account number does not match, the transfer should be rejected at the point of submission.

MAS or the Association of Banks should set up a database to show the bank account number and payee name for the purpose of this verification.

This will increase the security of banking transfers.

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