On 2 May, 'Kassa - BNNVARA', a Dutch consumer TV programme, called for a European IBAN-Name Check/Confirmation of Payee solution. Reason was that consumers fell victim to fake credit providers who asked for fees to be transferred to a foreign IBAN in advance, resulting in the consumer loosing their money and received no credit.
To combat international fraud, the IBAN-Name Check/Confirmation of Payee solution must be rolled out further in Europe, says De Nederlandsche Bank (DNB), the Nederlandse Vereniging van Banken (NVB) and the Autoriteit Financiële Markten (AFM) in response to the broadcast.
With the IBAN-Name Check/Confirmation of Payee solution you can prevent fraud and misdirected payments. Every day we warn over 100,000 times that the name and account holder are not the same. Please be aware that this warning is not given for nothing; you could be transferring money to the wrong person or company.
SurePay is working hard on the European expansion of this check to combat international fraud. In addition to the Netherlands, the United Kingdom and France, we are working on pilots for banks in Germany, Belgium and Finland. We also check a portion of international (cross-border) payments.