[LINK] OzIT: 'ASIC in call for extended EFT code'
stil at stilgherrian.com
Tue Oct 7 12:47:51 EST 2008
On 07/10/2008, at 10:21 AM, Marghanita da Cruz wrote:
> I confess to catching something that seems related to this story on
> one of the
> "6.30 reports".
> The story claimed that the bank, in question, didn't validate the
> account name against the account number, for a netbanking
> payments....Sounds a
> bit like offering the option to cancel, but ignoring the selection.
My understanding (i.e. "something I heard somewhere once") is that ALL
inter-bank transfers only use the BSB and account number to decide
where the money goes, and the "account name" text field is only
referred to by humans later if something goes wrong.
I'm guessing the cost of rebuilding the global banking system so that
it implements appropriate fuzzy matching on account names (e.g. "Dr
Susan Smith" matches "Dr. Susan Smith" and "Dr S Smith" and "Dr. S.
Smith" and "Susan Smith", and following up problems with mis-typed
account names beyond what the matching can cope with) would be much
higher than just following up problems arising from the current system.
As an aside, Mastercard can't put a full stop in the business name on
a business debit card. So, while one business name I use is
"Prussia.Net", the appropriate card has "PRUSSIA NET" on it simply
because the allowed character sets don't match. When I complained that
they weren't putting the actual name of the business on the card, they
didn't seem to care. Indeed, they didn't even understand why someone
*would* care about an error like this. This does not inspire confidence.
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