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I'm curious for the UK, my understanding is that you just need someone's name and some identifiable codes. But do you facilitate the transfer using your local b

I'm curious for the UK, my understanding is that you just need someone's name and some identifiable codes. But do you facilitate the transfer using your local bank's app or is there some app provided by the UK? In the US I imagine it's going to have to be done by each individual bank which might be kind of messy.

digianarchist 4y ago
It’s done in the bank app using the account number and sort code. I understand name is now checked to prevent accidentally sending the money to the wrong account, because of a typo for example.
- tialaramex 4y ago
  Not typos. The name check is because there's a popular scam which goes like this: Suppose your grandmother died, and it has been pretty complicated sorting everything out. There's a lot of money that needs to be moved around, a lawyer is involved, Smith, Smith and Thompson. It's not difficult to find people who are involved in such things, after all they might Tweet about it, mention it on Facebook, that sort of thing, "Sorry, grandma Josie died, we're sorting everything out so I won't be at FishCon". One day you get an email, or it could even be a physical letter, and it seems to be from Smith, Smith and Thompson. It explains that they've just switched banks, and so please ensure that any future payments go to their new account, sort code 12-34-56, account 87654321. Well that's lucky, you have £18 500 of grandma's money to send over because her shares in a Singapore company were sold this morning when their market opened and that money now needs to be sent to Smith, Smith and Thompson. So you type in the numbers from the letter, the bank asks you who this payment is for, you say "Smith, Smith and Thompson", and you send £18 500. Unfortunately, account 12-34-56 87654321 is not the new account for "Smith, Smith and Thompson" it was opened in the name of a recent immigrant, Jan and it was empty before your £18500 was transferred, whereupon it was all withdrawn. In a few days when you realise you were scammed, the money isn't there. Your bank might take pity on you, or they might not. If police are called, Jan doesn't have the money, he was given £20 by some guy at a friend's party to do bit of paperwork, easiest £20 he ever made. The cops probably eye him up, then give him a caution and send him on his way, he's just a dupe. So the name check is because while scammers could easily find someone like Jan, they're going to struggle to find people with names like "Smith, Smith and Thompson" which match a suitable business. This was deemed to be a sensible change because people who don't understand IT assumed the reason they were asked for the name was because it was needed, whereas actually it was for their reference. I used to have ones labelled "Mum" and "King Chris" (it's short for "Fucking Chris") but now it's checked.
  - digianarchist 4y ago
    "Fraud and misdirected payments" https://www.wearepay.uk/what-we-do/overlay-services/confirmation-of-payee/ https://www.wearepay.uk/what-we-do/overlay-services/confirma...
  - jayelbe 4y ago
    What a brilliant write-up.
- IanCal 4y ago
  You can also do it via phone number, with paym.

digianarchist 4y ago

It’s done in the bank app using the account number and sort code. I understand name is now checked to prevent accidentally sending the money to the wrong account, because of a typo for example.

tialaramex 4y ago
Not typos. The name check is because there's a popular scam which goes like this: Suppose your grandmother died, and it has been pretty complicated sorting everything out. There's a lot of money that needs to be moved around, a lawyer is involved, Smith, Smith and Thompson. It's not difficult to find people who are involved in such things, after all they might Tweet about it, mention it on Facebook, that sort of thing, "Sorry, grandma Josie died, we're sorting everything out so I won't be at FishCon". One day you get an email, or it could even be a physical letter, and it seems to be from Smith, Smith and Thompson. It explains that they've just switched banks, and so please ensure that any future payments go to their new account, sort code 12-34-56, account 87654321. Well that's lucky, you have £18 500 of grandma's money to send over because her shares in a Singapore company were sold this morning when their market opened and that money now needs to be sent to Smith, Smith and Thompson. So you type in the numbers from the letter, the bank asks you who this payment is for, you say "Smith, Smith and Thompson", and you send £18 500. Unfortunately, account 12-34-56 87654321 is not the new account for "Smith, Smith and Thompson" it was opened in the name of a recent immigrant, Jan and it was empty before your £18500 was transferred, whereupon it was all withdrawn. In a few days when you realise you were scammed, the money isn't there. Your bank might take pity on you, or they might not. If police are called, Jan doesn't have the money, he was given £20 by some guy at a friend's party to do bit of paperwork, easiest £20 he ever made. The cops probably eye him up, then give him a caution and send him on his way, he's just a dupe. So the name check is because while scammers could easily find someone like Jan, they're going to struggle to find people with names like "Smith, Smith and Thompson" which match a suitable business. This was deemed to be a sensible change because people who don't understand IT assumed the reason they were asked for the name was because it was needed, whereas actually it was for their reference. I used to have ones labelled "Mum" and "King Chris" (it's short for "Fucking Chris") but now it's checked.
- digianarchist 4y ago
  "Fraud and misdirected payments" https://www.wearepay.uk/what-we-do/overlay-services/confirmation-of-payee/ https://www.wearepay.uk/what-we-do/overlay-services/confirma...
- jayelbe 4y ago
  What a brilliant write-up.
IanCal 4y ago
You can also do it via phone number, with paym.