Australian banks buckle to pressure and vow to block transfers to suspect accounts

Consumer groups have long lobbied for institutions to crack down on scams by rejecting transfers if name and bank details of recipient don’t match

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Australian banks have buckled under pressure and will do more to fight scams by introducing technology that would block customers from transferring money to some fraudulent accounts.

The banks had initially resisted calls by groups including the ACCC and the Consumer Action Law Centre (Calc) to block transfers if the name and bank details of the recipient did not match.