Safe payment by BACS

[Flat 10]

This is becoming increasingly popular and convenient way of paying invoices. I have however heard of several people having their email accounts hacked and and paying money to fraudulent bank accounts. Any way to check this out apart from sending someone a small amount and ringing to see if they have received it? Which rather defeats the point of easy BACS payments?
Thanks

 

[J B]

Maybe C o P will help?

What is Confirmation of Payee?

What is Confirmation of Payee? The account name-checking service will be available to payment providers, banks, and other financial services

www.accesspay.com

Confirmation of Payee

Read the latest policy and guidance from UK Finance: Confirmation of Payee

www.ukfinance.org.uk

 

[Chae1]

This is becoming increasingly popular and convenient way of paying invoices. I have however heard of several people having their email accounts hacked and and paying money to fraudulent bank accounts. Any way to check this out apart from sending someone a small amount and ringing to see if they have received it? Which rather defeats the point of easy BACS payments?
Thanks

Don't worry.

It'll never catch on.

 

[Wombat]

Natwest now do a name check which is good as at least you know it matches. Although there seems to be a lot of large companies with random account names and most of their accounts never reply when you email to check if its correct.

Few banks like Handlesbank don't support it

 

[DRC]

Have barely written a cheque in 3/4 yrs since doing everything via BACs.

 

[Wombat]

Have barely written a cheque in 3/4 yrs since doing everything via BACs.

I had real issues getting bacs setup for our patrnership as one of the partners was old and for some reason it was always a pain, since Corona they set it up with my existing accounts in 10mins amazing what they can do when forced.

 

[puppet]

We are finally doing home banking as so many email invoices. Type in the account details and an account name comes up for extra security which is then saved for future making mistakes less likely

 

[Wombat]

Other thing i like is can pay from the phone app once setup so i paid 3 bills this morning direct from the phone

 

[Wombat]

Just to add if i get a change of account details on an invoice especially email, I always ring up to check its correct.