This petition was submitted during the 2015-2017 parliament
Petition To reduce fraud, Banks must match Name to the A/C No. before Auth. transactions!
Currently UK banks only check if the sort code and account number is correct before a transaction is authorised. This opens vulnerabilities for fraudsters to exploit the system. In some other countries, if the name does not match the account then the transaction is rejected.
More details
The UK Government must make this a statutory requirement.
Example case:
MARY has building work done by JOHN. JOHN's email is compromised by fraudsters who send MARY payment request to be paid into an account who they say is under JOHNS name. MARY makes a bank transfer to the account and puts JOHN SMITH as Payee. Because the account number is correct the payment is accepted by the receiving bank. The actual account holder is JOE BLOG. Money is immediately withdrawn. The banks do not reimburse Mary.
This petition closed early because of a General Election Find out more on the Petitions Committee website
17 signatures
Show on a map the geographical breakdown of signatures by constituency
10,000 signatures required to get a government response