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One can transfer a small token payment and ask the payee to confirm the amount received. If correct then transfer the remainder. It helps that my bank's site re

One can transfer a small token payment and ask the payee to confirm the amount received. If correct then transfer the remainder. It helps that my bank's site remembers the account details of recent payees.

lopmotr 7y ago
That's a lot of effort that only protects against a fairly specific type of error. You'd still be vulnerable to phishing or to accidentally modifying the account number the 2nd time. If everybody paid their bills that way and every solicitor and employer paid their clients/employees that way, it'd be a giant mess! What? I'm not getting paid on time because they have to double check my account?
- nicky0 7y ago
  But it makes sense for large one off payments. Send £1, phone them to ask if they got it, then send the rest. With instant payments nowadays it takes barely any more time. People do this all the time. Mum mum did it recently paying for a used car. Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee.
  - grabbalacious 7y ago
    Yes. Not sure if you meant this, but I like to send a slightly random amount without informing the payee how much. Then ask them to verify the specific amount, e.g. £1.65 >Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee. Exactly. A twist is my bank wipes the saved payees after a few months or so.
- NeedMoreTea 7y ago
  Paypal do it. When you hook up an account they send 5p or something, and require the transaction code number for validating the account. Seems like if the banks cared they could add a very similar process for adding personal transfers, and mostly automate it for their customers. Except it's customer money being lost so the impetus is not there.
- vageli 7y ago
  > That's a lot of effort that only protects against a fairly specific type of error. You'd still be vulnerable to phishing or to accidentally modifying the account number the 2nd time. If everybody paid their bills that way and every solicitor and employer paid their clients/employees that way, it'd be a giant mess! What? I'm not getting paid on time because they have to double check my account? The verification would only happen prior to the first transfer of value, with subsequent transfers using the verified information.

lopmotr 7y ago

That's a lot of effort that only protects against a fairly specific type of error. You'd still be vulnerable to phishing or to accidentally modifying the account number the 2nd time. If everybody paid their bills that way and every solicitor and employer paid their clients/employees that way, it'd be a giant mess! What? I'm not getting paid on time because they have to double check my account?

nicky0 7y ago
But it makes sense for large one off payments. Send £1, phone them to ask if they got it, then send the rest. With instant payments nowadays it takes barely any more time. People do this all the time. Mum mum did it recently paying for a used car. Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee.
- grabbalacious 7y ago
  Yes. Not sure if you meant this, but I like to send a slightly random amount without informing the payee how much. Then ask them to verify the specific amount, e.g. £1.65 >Also usually the payment details are saved after the first payment so the risk of making a mistake with the second payment is low. You would reuse the saved payee. Exactly. A twist is my bank wipes the saved payees after a few months or so.
NeedMoreTea 7y ago
Paypal do it. When you hook up an account they send 5p or something, and require the transaction code number for validating the account. Seems like if the banks cared they could add a very similar process for adding personal transfers, and mostly automate it for their customers. Except it's customer money being lost so the impetus is not there.
vageli 7y ago
> That's a lot of effort that only protects against a fairly specific type of error. You'd still be vulnerable to phishing or to accidentally modifying the account number the 2nd time. If everybody paid their bills that way and every solicitor and employer paid their clients/employees that way, it'd be a giant mess! What? I'm not getting paid on time because they have to double check my account? The verification would only happen prior to the first transfer of value, with subsequent transfers using the verified information.