Confirmation of Payee adds a layer of protection when you’re sending money to a BSB and account number. It can help reduce your risk of being scammed or sending your money to the wrong account. The service matches the bank account details you enter with the account details held by the recipient’s bank and displays the outcome, which could be a match, a close match or a no match.
If it’s a business account, you’ll be shown the name of the account associated with the BSB and account number you’ve entered, even if it’s not a match. If it’s a personal account, you’ll only be shown the name of the account if it’s a match or close match. If it’s not a match, the account name will be withheld for privacy protection.
Using this information, you can choose whether you want to go ahead and make the payment, pause and check the details again – or stop the payment altogether.
