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Bank scams are estimated to cost customers $200 million a year and from today, all New Zealand's main banks are rolling out a confirmation of payee service to help stop scams.
When paying someone online, customers will need to know both the account number and correct name of the account. The system will check if both match, and if they don't, customers will be advised.
The New Zealand Banking Association has established a new entity to roll out the system, called GetVerified.
Kathryn speaks with its Chief Executive Duncan Robertson.
