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When making an online payment to another person or a business, many banks have now added a new step to the process.
This ‘confirmation of payee’ is designed to give banking customers an extra layer of security, confirming that the account details you have entered for the payment match the name of the person on the account.
Confirming the name of the payee once detailed are entered in your online banking is an important fraud prevention measure. It can also help to prevent accidents from happening, where the wrong person is paid by mistake.
