European IBAN-Name Check needed to combat international fraud
On the second of May 2022, the broadcast of Kassa – BNNVARA told about scams involving fake credit; victims are asked to transfer money to a foreign account number in exchange for a credit that you then never receive.
To combat international fraud, the IBAN-Name Check should be further rolled out in Europe, say De Nederlandsche Bank (DNB), the Dutch Banking Association (NVB) and the Netherlands Authority for the Financial Markets (AFM) in response to the broadcast.
With the IBAN Name Check, you get a warning if the name and IBAN do not match. Every day we issue this warning 100,000 times. Be aware that this warning is given for a reason; you could potentially transfer money to the wrong person or company.
SurePay is working hard on European expansion of this check to combat international fraud. Besides the Netherlands, the UK and France, we are running pilots for banks in Germany, Belgium and Finland. We also check a proportion of international (cross-border) payments.