Bank Account Verification: protecting you and your tenants
A new security feature in Rental Rewards confirms that every new bank account really belongs to the person adding it, before any money moves.
Why we added it
In recent years there has been a surge in cybercrime, from hacks to scams and fraud. The rapid growth of digital technology and the widespread move to online financial transactions have given cybercriminals plenty of opportunities to target both individuals and businesses. Strong digital security has never been more important.
To address this growing threat, we have built a new security feature into Rental Rewards: Bank Account Verification. It is designed to strengthen our platform against potential threats and protect both our business and our customers.
How Bank Account Verification works
Whenever a new bank account is added to Rental Rewards, whether during setup or later on:
- We send 1 centA nominal deposit of 1 cent is made into the bank account, with a unique verification code (for example V-XXXXXX) in the transaction reference.
- The account holder enters the codeTo confirm they own the account, the account holder enters that code in the Rental Rewards portal.
- The account is authorisedOnce verified, the bank account is authorised for transactions on the platform.
What do you need to do?
Nothing. No action is needed to turn this feature on. It applies automatically to every new bank account added to Rental Rewards, giving you full protection with no extra effort.
The benefits
Reduced fraud risk
Checking that customers have genuine access to their nominated bank accounts significantly reduces the risk of fraud.
Increased accuracy
Typos and errors in bank account details are caught, so transactions are accurate and reliable.
Fewer failures
Pre-verified bank details mean fewer failed transactions and smoother, more efficient payments.
Easy and fast
Verification uses real-time payments for instant validation, and the code arrives in the transaction reference. Gentle reminders are sent if verification is not completed within 48 hours.
Increased trust
This extra layer of security shows our commitment to protecting your interests and building trust in our platform.
Learn more about how we protect every payment on our security page.
Looking for more information?
For help with this feature or any other question, contact your dedicated Business Development Manager. We are here to support you every step of the way.