Glossary / Verification & identity
Bank Account Ownership Verification
Bank account ownership verification confirms that a person or business actually owns the bank account they have nominated, before you pay it, so funds are not sent to an account controlled by a fraudster.
What does verifying account ownership prove?
Bank account ownership verification answers a single question: does the account you are about to pay genuinely belong to the person or business you intend to pay? It is stronger than a name match alone, because it links the nominated BSB and account number to a verified owner rather than just checking that a name looks right.
A typical case: a subcontractor sends new bank details for their final progress payment. Ownership verification confirms the account belongs to that subcontractor’s verified identity or business, so a diverted account, one opened in a slightly different name, is caught before payment.
Why it matters for Australian finance teams
Australian EFT payments settle on BSB and account number, and once funds clear, clawback depends on the receiving bank and the mule account still holding money. Scamwatch and the ACCC report substantial annual losses to payment redirection and business email compromise. Confirming ownership before you pay moves the control to the only point where it reliably works: before the money moves.
How ezyshield helps
ezyshield confirms the person, the business via ABN and ASIC records, and bank account ownership before a payment is authorised, and re-verifies whenever the account or details change so a trusted payee cannot be silently swapped. Each verification is written to an append-only audit trail that is logged and never edited or deleted, giving you evidence for audits or disputes. See how it works and our guide to verifying a supplier bank account.
Also known as: account ownership verification, bank account verification
Last updated: 7 July 2026
Related terms
- Confirmation of Payee (CoP) Confirmation of Payee (CoP) is a check that matches the account name a payer enters against the name registered on the destination bank account, warning them before payment if the details do not match.
- Account Name Check An account name check verifies that the name on a bank account matches the intended payee before funds are sent, a core defence against payment redirection fraud.
- Payment Redirection Fraud Payment redirection fraud is a scam where criminals trick a business into sending money to a bank account they control, usually by posing as a supplier and changing the payment details on an invoice.
- Payee Verification Payee verification confirms that the party you are about to pay is who they claim to be and owns the account receiving the funds, before a payment is authorised.
See also: Bank account ownership verification , Verify a supplier bank account , How ezyshield works
Stop payment fraud before money moves
Verify the person, business, and bank account before any payment leaves your account.