1 00:00:01,880 --> 00:00:04,720 Speaker 1: You've been tracking where the money is flowing. Of a 2 00:00:04,760 --> 00:00:07,600 Speaker 1: business hour with Hider due to c L and my 3 00:00:07,960 --> 00:00:09,520 Speaker 1: HR on News Talks. 4 00:00:09,240 --> 00:00:13,400 Speaker 2: Ab evening coming up in the next hour. We're gonna 5 00:00:13,400 --> 00:00:15,880 Speaker 2: have a chat about tam Trump tariffs. He's obviously threatened 6 00:00:15,880 --> 00:00:17,680 Speaker 2: that he's going to do it on day one. Talk 7 00:00:17,720 --> 00:00:20,040 Speaker 2: to Peter Lewis about whether China is taking that seriously 8 00:00:20,120 --> 00:00:22,439 Speaker 2: or not. Barry Soap will rap the political week that was, 9 00:00:22,480 --> 00:00:24,160 Speaker 2: and we'll go to the UK as well. At seven 10 00:00:24,239 --> 00:00:27,360 Speaker 2: past six. Now, a new confirmation of payee service has 11 00:00:27,400 --> 00:00:29,840 Speaker 2: been rolled out by the banks. From now on, when 12 00:00:29,840 --> 00:00:32,000 Speaker 2: you make a bank transfer to somebody you haven't made 13 00:00:32,040 --> 00:00:34,239 Speaker 2: a bank transfer to before, and you put in the 14 00:00:34,280 --> 00:00:36,360 Speaker 2: name in the account number you're transferring to, you get 15 00:00:36,360 --> 00:00:39,360 Speaker 2: a little warning if those two things don't match. The 16 00:00:39,440 --> 00:00:41,200 Speaker 2: idea is to make it easier for us to spot 17 00:00:41,240 --> 00:00:43,879 Speaker 2: when we might be being scammed. Duncan Robertson is the 18 00:00:43,880 --> 00:00:46,680 Speaker 2: CEO of get Verified, which is the organization that set 19 00:00:46,720 --> 00:00:50,200 Speaker 2: this all up, and he's with us. Now, Hey Duncan, Hey, Heather, 20 00:00:50,360 --> 00:00:52,080 Speaker 2: how often is it happening that this is how we 21 00:00:52,120 --> 00:00:54,880 Speaker 2: get scammed where the number that we're given doesn't match 22 00:00:54,920 --> 00:00:55,240 Speaker 2: the name. 23 00:00:56,480 --> 00:00:59,280 Speaker 1: Oh. I don't have any precise figure facts and figures 24 00:00:59,320 --> 00:01:03,840 Speaker 1: on that, but obviously from offshore experiences, it's a key 25 00:01:05,000 --> 00:01:07,880 Speaker 1: control and preventative to ensure that you're paying the person 26 00:01:07,920 --> 00:01:08,880 Speaker 1: you thought you were paying. 27 00:01:09,319 --> 00:01:11,960 Speaker 2: So how it's going to work is that if let's 28 00:01:11,959 --> 00:01:14,280 Speaker 2: say I want to send some money to you, put 29 00:01:14,280 --> 00:01:16,880 Speaker 2: your name in and I'll put your bank account number in, 30 00:01:16,959 --> 00:01:19,120 Speaker 2: and if they don't match, it just it tells me 31 00:01:19,360 --> 00:01:22,120 Speaker 2: that they don't match. But I can still force it through, can't. 32 00:01:21,840 --> 00:01:24,800 Speaker 1: I yeah, I mean the customer can still make the payment. 33 00:01:24,880 --> 00:01:27,319 Speaker 1: I guess the key thing is as a customer of 34 00:01:27,440 --> 00:01:29,680 Speaker 1: the ten banks that are in the process of rolling 35 00:01:29,720 --> 00:01:31,600 Speaker 1: this out, you don't need to do anything different from 36 00:01:31,600 --> 00:01:34,679 Speaker 1: what you already do. It's just when the service is available, 37 00:01:34,720 --> 00:01:37,080 Speaker 1: you'll get a pop up message to say, yep, that's 38 00:01:37,120 --> 00:01:38,880 Speaker 1: a match, or it looks like you've got a couple 39 00:01:38,920 --> 00:01:43,280 Speaker 1: of typos, it's a partial match, or no. The name 40 00:01:43,319 --> 00:01:44,760 Speaker 1: and the account number you even put it are not 41 00:01:44,840 --> 00:01:47,240 Speaker 1: the same as what the receiving bank has. 42 00:01:47,760 --> 00:01:50,040 Speaker 2: So I imagine that it might be a little niggly 43 00:01:50,200 --> 00:01:52,720 Speaker 2: for some people, right because I don't know, Maybe I'll 44 00:01:52,720 --> 00:01:57,080 Speaker 2: put in duncan Robertson with an sen and that would 45 00:01:57,120 --> 00:01:59,120 Speaker 2: be sufficient for me for it to flag that I'm 46 00:01:59,160 --> 00:02:01,400 Speaker 2: not sending it to the right person. And there may 47 00:02:01,400 --> 00:02:03,760 Speaker 2: be quite a few people who get slightly irritated. 48 00:02:03,760 --> 00:02:06,320 Speaker 1: Do you think, I mean the key other thing just 49 00:02:06,360 --> 00:02:08,360 Speaker 1: to call out, Yeah, you can get irritated, irritated, But 50 00:02:08,400 --> 00:02:11,560 Speaker 1: the key is that the banks are also rolling out Basically, 51 00:02:11,639 --> 00:02:14,560 Speaker 1: they're rolling out of service whereby you can go as 52 00:02:14,960 --> 00:02:17,040 Speaker 1: if you want to get someone like if I wanted 53 00:02:17,040 --> 00:02:19,040 Speaker 1: you to pay me, I'd go into my bank account 54 00:02:19,360 --> 00:02:22,800 Speaker 1: and then I essentially would send you the account validated 55 00:02:22,919 --> 00:02:25,880 Speaker 1: name and account number, and then you can put that directly. 56 00:02:25,960 --> 00:02:27,880 Speaker 1: So there are ways to mitigate that. 57 00:02:28,040 --> 00:02:29,760 Speaker 2: With that already, Like I think because I bank with 58 00:02:29,800 --> 00:02:32,320 Speaker 2: ASB and I'm pretty sure that I can just send 59 00:02:32,480 --> 00:02:34,440 Speaker 2: you can you can share your account number and now 60 00:02:34,480 --> 00:02:36,280 Speaker 2: it would be share my account number and my account 61 00:02:36,320 --> 00:02:37,240 Speaker 2: name presumable. Yeah. 62 00:02:37,480 --> 00:02:40,600 Speaker 1: Yeah, it has your full registered name and your account number, 63 00:02:40,680 --> 00:02:41,600 Speaker 1: so it makes a lot easier. 64 00:02:41,680 --> 00:02:43,600 Speaker 2: Yeah, good stuff. Hey was this very hard to build? 65 00:02:45,240 --> 00:02:47,200 Speaker 1: Well, we you know, worked a bunch across the banks 66 00:02:47,240 --> 00:02:50,000 Speaker 1: and we quickly decided actually rather than build it ourselves 67 00:02:50,040 --> 00:02:51,760 Speaker 1: like the UK have had it for a number of years, 68 00:02:51,840 --> 00:02:53,920 Speaker 1: let's you know, let's use what they've gotten that really 69 00:02:53,919 --> 00:02:56,919 Speaker 1: split up the process. So we've partnered with a UK 70 00:02:57,080 --> 00:03:00,799 Speaker 1: organization to achieve that, which you know, we agree the 71 00:03:00,840 --> 00:03:03,760 Speaker 1: requirements in April and we've gone live in November, so 72 00:03:03,880 --> 00:03:05,919 Speaker 1: you know that definitely was the right way to go. 73 00:03:06,200 --> 00:03:08,080 Speaker 2: This is such a no brainer. Why didn't we do 74 00:03:08,120 --> 00:03:08,720 Speaker 2: this years ago? 75 00:03:10,160 --> 00:03:12,240 Speaker 1: Yeah, I mean it's a great question. I guess when 76 00:03:12,320 --> 00:03:15,000 Speaker 1: we looked at when you Zealand Bank Association back September 77 00:03:15,040 --> 00:03:16,679 Speaker 1: last year, looked around and said, well where are the 78 00:03:16,760 --> 00:03:20,240 Speaker 1: risks and then fundamentally where can the banks help because 79 00:03:20,360 --> 00:03:22,920 Speaker 1: obviously we can only get involved and we see at 80 00:03:22,960 --> 00:03:25,799 Speaker 1: the payment end of the process. So this was one 81 00:03:25,800 --> 00:03:28,520 Speaker 1: of the areas which we flagged has been an urgent 82 00:03:28,560 --> 00:03:30,280 Speaker 1: area to expediate and roll. 83 00:03:30,120 --> 00:03:32,560 Speaker 2: Out brilliant stuff. Duncan, thank you very much for talking 84 00:03:32,639 --> 00:03:35,880 Speaker 2: us through to appreciated. That's Duncan Robertson, CEO of Get Verified. 85 00:03:36,640 --> 00:03:39,800 Speaker 1: For more from Hither Duplasye Allen Drive listen live to 86 00:03:39,880 --> 00:03:42,920 Speaker 1: news talks it'd be from four pm weekdays, or follow 87 00:03:42,960 --> 00:03:44,680 Speaker 1: the podcast on iHeartRadio.