Under the enhanced security framework, instead of displaying nicknames or full account names, selected letters of a retail Payee’s registered account name with their financial institution will be displayed to the Payer during PayNow transfers.
This measure will ensure that only registered account names are displayed as the Payee’s PayNow name (this is the key control - i.e., users cannot change their official registered name, which are verified by their financial institutions). Impersonation scams can be mitigated with this new measure, which offers Payers greater confidence as to whom they would be transferring funds to.
To address concerns from individuals who do not wish to reveal their full registered names and safeguard their privacy as Payees, only selected letters of the Payee’s name will be displayed to Payer. The partial display of names also prevents full disclosure of the registered name and provides protection against name harvesting through PayNow's lookup feature.
By anchoring the display to verified, registered account names rather than user-selected nicknames, this measure significantly reduces scammers' ability to masquerade as legitimate entities whilst maintaining user privacy through selected character display. Payers can now have greater confidence in the authenticity of transfer recipients, as the displayed information is tied directly to officially registered account details rather than deceptive customised nicknames
CIMB Malaysia
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