Because High Street banks are in constant competition with the secure online banking solutions, they are striving to continuously upgrade their security measures. Now more than ever, more business owners are getting scammed as they send transactions to scammers.
This new technology helps businesses owners (sender of the transaction) verify the transactions on multiple stages such as account sort code, account number, and account name of the receiving account.
If you verified the transaction to a scammer, then you may be at risk of not being able to return it. That's why it's necessary to confirm the details of the receiving account!
Don't forget to report these scammers to HMRC. If you were approached by scammers or people that you suspect of scamming you, go straight to your accountant, they will be able to verify the company details for you.
Our Practice Manager, Hannah, shares insights into the latest announcement that high street banks will be implementing new technology to prevent money transfer scams. This technology will be launched in July 2019, and will verify not only the sort code and account number of your payee, but also the name you input.
Do you want to stay updated with the latest financial news? Check out our company blog for the latest stories from UK businesses, HMRC guidelines, and governmental announcements that might impact your business.
Reach out for a smooth automation of your financial processes, high-calibre tax advisory services and development of a solid financial strategy for your business.
Simply click on the contact us button below and we will get in touch with you shortly. You can also request our list of services, or to book a consultation. We will be happy to provide Smart Solutions for Successful People.
