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Belgian banking sector works on IBAN name check to combat fraud – IT Pro – News

Belgian banks are working on a way to verify the name and account number during transfers, in order to prevent invoice fraud. The Banking Association announced the measure after a bill introduced by Representative Michael Freilich of Northern Virginia.

Veblevin Banking Union Announces IBAN Name Verification To combat billing fraud. The union hopes this will reduce transfer fraud. The organization warns that this will not help prevent other forms of fraud, such as phishing, and that entrepreneurs and consumers must remain vigilant.

In case of invoice fraud, the invoice is intercepted and the account number is modified. This will then transfer the amount to the scammer’s account. This can be prevented by checking whether the name entered corresponds to the account holder. It is not yet known when Belgian banks can begin to carry out name checks.

Opposite Het Neusblad The spokesperson says From the banking union that implementation is still in the “initial stage”. In addition, in the first stage, the system will check only Belgian IBAN numbers and not yet foreign account numbers. In order to also verify foreign numbers, the union is waiting for the decision of the European Commission.

With this action, the union is following the banking sector in other countries. The UK has already taken a similar measure as well as in the Netherlands Holds a number of banks This has been verified for a few years now.

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