In recent years, there has been a rise in digital hacks, scams, and fraud. The widespread adoption of digital technology and the rise of online financial transactions have provided cybercriminals with more opportunities to exploit individuals and businesses. From data hacks to sophisticated fraud, digital security has never become more important.
To help combat the rise of digital crimes, we added a new layer of protection across all of our brands with Bank Account Verification. This new security feature will help us verify that a business or individual has access to the bank account they have nominated in the platform protecting both our merchant partners and our customers.
So what is bank account verification?
When a new bank account is added to any of our payment platforms (at set up or subsequently), we make a real-time 1-cent deposit into the bank account with a unique verification code. The account owner needs to enter this unique code into our payment portal to verify the bank account, which will then be available to make payments.
No action is required to activate this Security Feature for businesses. This new function is in place for every new bank account added to our payment portals across our various brands and industries going forward.
Benefits
- Reduced Fraud Risk – By ensuring customers have access to bank accounts they have nominated to process payments.
- Increased Accuracy – Removes the risks of typos, errors and incorrect bank account details.
- Fewer Failures – Verifying bank account details before transactions take place reduces the incidence of failures.
- Easy and Fast – The verification transaction is processed using real-time payments, so it appears almost instantaneously. The unique code is included in the reference of the transaction, so the user can easily enter it online. And if they don’t, we remind them to do so after 48 hours.
- Increased Trust – Adds an extra layer of trust and confidence that you, as a business, are serious about security and fraud.
Want to add another layer of protection to your payment processing?
- Get in touch with us today. Whether you process one-off payments or set up scheduled direct debits from bank accounts, make sure you know your customers or clients own and have access to these bank accounts by using the latest and most secure technology to verify this.
