Account Verification Searches

In reading the recent series of articles about cybercrime (see Business email compromise, Do not compromise cybersecurity, Beating cybercrime and Maintain email integrity) one realises that in many cases it is simple fraud which deceives people into making payments to bank accounts controlled by fraudsters, and not a super hack.

Another unfortunate fact is that in the cases cited the victims had software at their disposal which if they had used it properly would have prevented the loss. For instance, Lexis Convey users should take advantage of the Bank Account Verification Service (“AVS”) search functionality, which is available to them via the integration of Lexis Convey with Lexis WinDeed. When using it conveyancers can perform a Person/Company search from within the relevant matter using the Lexis WinDeed link by selecting the Bank Account Verification Search function.

The system links directly to Investec, ABSA, FNB, Standard Bank, Nedbank, Capitec and African Bank. It allows users to verify relevant account details (such as the Account number, Account Holder, ID No / Passport No, Account Type, Institution and Branch Code) and once done the result showing matches and mismatches can be imported as an attached document on the matter, to be saved and referred to.

All of which goes a long way to diligently ensuring that payments will be made to the correct bank account.