Account name matching has prevented thousands of scams in other countries, but Australian banks have yet to get on board. 


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Need to know

  • Most Australian banks don’t check that BSB and account numbers match the name of the account customers are sending money to
  • Account name matching is a basic anti-scam measure that has blocked many fraudulent transactions in other countries
  • In July 2022, the ACCC called on the banking sector to establish an industry-wide account name checking system, but that has yet to happen

The phrase ‘like money in the bank’ conjures images of trustworthy institutions whose integrity and reliability is ironclad. But that image has been tarnished in recent years, as many banks have made it all too easy for scammers to take advantage of their customers.

How so? It may come as a surprise that most Australian banks don’t check that BSB and account numbers match the name of the account customers are sending money to, a basic anti-scam measure that has blocked many fraudulent transactions in other countries. 

 Most Australian banks don’t check that BSB and account numbers match the name of the account customers are sending money to

That’s probably why bank transfers are the most common method for paying scammers in Australia. And a lot of scammers have been well paid.  

Australians lost over $210 million in fraudulent bank transfers in 2022, an increase of about 63% over the previous year.

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