Do I need to change my name because of name checks?

phillw

confusedfreelancer wrote: »

Are payments going to stop going through when name checks come in? All the articles I can find suggest that the payer will be asked to confirm the name if it doesn't match, but how does that work if it's an automated system making the payment?

AFAIK it only affects faster payments that you make via online banking, I don't believe that receiving money from either paypal or stripe will be affected. I think paypal already require you to confirm the bank account belongs to you when you add it.

masonic

Vortigern wrote: »

Lloyds or Halifax seem to have introduced a data vet when adding a new payee online via "Pay a Person." It would not let me use eg "Jack & Jill Joint", prompting me to use proper names.

Oh dear. I guess I'll be setting up payment to such people as Mr H. Reward-one and Ms H. S. Bcadvance in the future.

masonic

phillw wrote: »

AFAIK it only affects faster payments that you make via online banking, so I doubt receiving money from either paypal or stripe will be affected.

The two names that will be compared are the account name and the name you enter when making the payment. So unless you are giving out a different name then there is no problem.

I think the OP's point is that he will need to receive payments from these two organisations to his bank account, and with KYC legislation they might insist on making payments only to an account in his legal name.

phillw

masonic wrote: »

I think the OP's point is that he will need to receive payments from these two organisations to his bank account, and with KYC legislation they might insist on making payments only to an account in his legal name.

They may insist making payments only to an account where the name matches who you told to pay, making it the responsibility to decide whether accounts can be issued only in someones legal name or not.

AFAICT it only applies to us mere mortals making transfers, because it's to combat push fraud. Paypal already verify that it's an account you have control of when you add the account.

Vortigern wrote: »

I"d have to view the account number to know which of my accounts I was sending money to.

TSB is annoying like that, their online banking is ok as you can see the payment reference but their mobile app doesn't show that in the list

masonic

phillw wrote: »

They may insist making payments only to an account where the name matches who you told to pay, making it the responsibility to decide whether accounts can be issued only in someones legal name or not.

AFAICT it only applies to us mere mortals making transfers, because it's to combat push fraud. Paypal already verify that it's an account you have control of when you add the account.

Yes, that's the intention of the new system.

On the subject of Paypal verifying it's an account "you" have control of, that "you" could be the person who signed up for the Paypal account, or the person who has compromised it and wants to add their own bank details.

phillw

masonic wrote: »

Yes, that's the intention of the new system.

On the subject of Paypal verifying it's an account "you" have control of, that "you" could be the person who signed up for the Paypal account, or the person who has compromised it and wants to add their own bank details.

That isn't push fraud.

If you have taken control of someones paypal account then you can just send a payment to another paypal account, waiting a couple of days to verify someones bank account and then adding it seems like a worse way of doing it. So I don't see why they'd bother.

Similarly if you have someone elses online banking details then you can send money to any account and this new system will offer no protection.

masonic

phillw wrote: »

That isn't push fraud.

If you have taken control of someones paypal account then you can just send a payment to another paypal account, waiting a couple of days to verify someones bank account and then adding it seems like a worse way of doing it. So I don't see why they'd bother.

Similarly if you have someone elses online banking details then you can send money to any account and this new system will offer no protection.

I understand it isn't push fraud. I didn't state that it was. My point is that Paypal's current verification system is flawed, and after this change is introduced they may well take steps to improve it, such as placing such restrictions as the OP imagines.

Incidentally, I've added a new account to my Paypal account recently and it didn't take a "couple of days to verify", it was done inside of 5 minutes thanks to the faster payments system.