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Towards the end of many online scams? The banks will check the correspondence between the IBAN and the name

  • Post category:Economy News
  • Reading time:2 mins read

From next year, the banks will check the correspondence between the name of the beneficiary of a transfer and the IBAN number of the bank account, indicated Tuesday the Belgian Federation of the financial sector, Febelfin.

The aim is to prevent fraud through falsified invoices, on which scammers indicate their own account number. Monday, the Secretary of State in charge of consumer protection Alexia Bertrand (Open Vld) had mentioned this track. In the same effort to fight against scams, banks have committed this year to being permanently accessible by telephone, to block the banking applications of customers who are victims of phishing.

Banks are now working on a system to check the correspondence of the IBAN number and the name of the beneficiary of a transfer. The customer will receive a notification if the two data do not seem to match, which will allow him, if necessary, not to continue the transfer. The system will be introduced sometime next year, according to Febelfin.

“We have already been busy with this for some time. The preparatory work is now complete. In February, a tender procedure will be launched”, says Isabelle Marchand, spokesperson for Febelfin. The comparison between account number and name is a challenge, among other things because of the “variation in the spelling of certain names”.

“The system must take into account all the variations, to avoid too many error reports”says the spokesperson.