I "confirmation of payee" sytem in the UK going to ruin stealth?

[paulfoltyn]

Just read this on an anti-fraud system being introduced to the UK. Names on the bank account will be confirmed to the sender. So if using stealth accounts with different names paypal will potentially receive your real name.

It reads as if it is designed only for personal accounts sending money.

Does anyone know if this system only for personal accounts or will business accounts i.e paypal/amazon receive this confirmation too?

Link with info below

https://www.fca.org.uk/insight/why-c...me-soon-enough

[JamesNorth101]

As far as I know no one knows at the moment

There will be lots of ways around it though if they do see the names

[frksmth]

Sorry to bump this but I didn't want to start a new thread.

I was making a payment via Barclays online and saw this notice from them:

We're going to make it easier for you to check who you're paying

We're introducing a new service, called Confirmation of Payee, to help prevent both fraud and payments being sent to the wrong account accidentally.

In future, when you pay someone new, or set up a standing order or CHAPS payment, we'll check the name on their account to make sure you're paying the right person. If someone makes a new payment to you, their bank may do the same.

What do I need to do?

If you're paying someone new

Enter the full name of the person or business you want to pay. For joint accounts, the first and last name of either individual is fine
Enter the full trading or registered business name for the company you want to pay
Choose the account type, such as personal or business
If someone is paying you

Provide your full name (first name and surname) to anyone who is setting up a new payment to you.
Provide your registered business name in full to anyone who is setting up a new payment to you. If you use a trading name, make sure you provide it to anyone paying you so they can use it as an alternative in case of any failed match. The Confirmation of Payee matching process will check both names, where applicable.
For more info on this and to find out how this affects you search online for 'Barclays – Confirmation of Payee'.

Not sure how this will affect Amazon and/or paypal.

[Twisty]

Interesting to see what others think

[paulfoltyn]

Originally Posted by frksmth

Sorry to bump this but I didn't want to start a new thread.

I was making a payment via Barclays online and saw this notice from them:

We're going to make it easier for you to check who you're paying

We're introducing a new service, called Confirmation of Payee, to help prevent both fraud and payments being sent to the wrong account accidentally.

In future, when you pay someone new, or set up a standing order or CHAPS payment, we'll check the name on their account to make sure you're paying the right person. If someone makes a new payment to you, their bank may do the same.

What do I need to do?

If you're paying someone new

Enter the full name of the person or business you want to pay. For joint accounts, the first and last name of either individual is fine
Enter the full trading or registered business name for the company you want to pay
Choose the account type, such as personal or business
If someone is paying you

Provide your full name (first name and surname) to anyone who is setting up a new payment to you.
Provide your registered business name in full to anyone who is setting up a new payment to you. If you use a trading name, make sure you provide it to anyone paying you so they can use it as an alternative in case of any failed match. The Confirmation of Payee matching process will check both names, where applicable.
For more info on this and to find out how this affects you search online for 'Barclays – Confirmation of Payee'.

Not sure how this will affect Amazon and/or paypal.

I'm surprised its took this long tbh. Many other countries 3rd world even have had this years. You type account details. On the next page it says confirm the details … and tells you the name of the person so you can confirm its correct. Please update when this comes into effect with Barclays and how it works exactly. I don't have a Barclays but no doubt others will start to follow suit

[james_112233]

Why not just use your real name on a stealth account, surely other stealthers are already using your name ?

[paulfoltyn]

Originally Posted by james_112233

Why not just use your real name on a stealth account, surely other stealthers are already using your name ?

You do realise at some point Ebay will ban a name .. no matter the address you put in?

So say for example they had a load of John McAfee and the banned a lot of John McAfee accounts. Then anyone who signs up with the name John McAfee will be allowed to buy but won't be allowed to sell.

Disclaimer: I never made an account with John McAfee as the account name so this name might not be banned if anyone wants to try it, but I do know another name that is banned. Still works with paypal though

[JamesNorth101]

Originally Posted by paulfoltyn

You do realise at some point Ebay will ban a name .. no matter the address you put in?

So say for example they had a load of John McAfee and the banned a lot of John McAfee accounts. Then anyone who signs up with the name John McAfee will be allowed to buy but won't be allowed to sell.

Disclaimer: I never made an account with John McAfee as the account name so this name might not be banned if anyone wants to try it, but I do know another name that is banned. Still works with paypal though

I’m not sure that would ever happen to be honest

[paulfoltyn]

Originally Posted by JamesNorth101

I’m not sure that would ever happen to be honest

That does happen. First hand experience with one name. Used with different addresses. Some real but different people and some random address and DOB(not that ebay ask for DOB but PP do)

Its not a theory is actual experience.

You're welcome to PM me for the name to try yourself. (James only)

[MathProfessor]

I was just about to start a thread about the same concern.

Apparently a lot of banks will start rolling it out this year.

We may have to find other ways to move our unholy money.

I suppose it helps if you have a common name like "Andrew Stevens" because there are million of them and paypal can't ban all of them...