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An idea to stop scammers.
I think the banks should introduce a service that allows people to (for example) sell items online and receive payment from a buyer safely without having to hand over their account details. It would work something like this:
If, for whatever reason, someone needs to pay money into your account, you could apply to your bank to provide a one-off authority number for “X” amount of $ to be credited into your account. The purchaser would them enter that number as the receivers details along with the authorised dollar amount.
It would mean banks would have to redevelop their systems but I think it’s a much safer option.
With things now going cashless, the banks are going to have to develop a scam-proof system. I think this type of system has merit.
