New bank transfer rules come into force today - all you need to know
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mirror.co.ukA new 'confirmation of payee' safety measure will allow you to check exactly who you are transferring money to under new fraud rules that come into force today.
Six major banks, including Barclays and HSBC, have introduced new security checks for all customers who transfer cash to friends, family, businesses and other payees.
The new system, known as 'confirmation of payee', was first introduced in October 2018 and becomes law on Tuesday, June 30. It's part of efforts to clamp down on fraud which costs the UK economy more than £130billion a year.
To make a transfer, you usually have to submit the recipient's account number and sort code. You can also send over their name, though in the past, banks haven't been legally obliged to verify
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