Banks implement new round of checks and verifications to slow down scammers

Australian banks are going to invest $100m in a "confirmation of payee" system so "customers know who they are dealing with, mitigating the possibility of people being manipulated into paying a scammer when the name does not match" - something I can't believe has taken this long to happen and should hopefully avoid a common scam technique where bank details are changed on an invoice or in an email but the name of the account remains the same. Banks will also "adopt further technology and controls to help prevent identity fraud, including major banks using at least one biometric check for new individual customers opening accounts online by the end of 2024" and "introduce warnings and payment delays to protect customers" such as "more questions, warnings and delays from their bank" when sending "money to someone they haven't paid before or raising payment limits".