From Thursday, all banks operating in the eurozone will be required to automatically verify whether the recipient’s name matches the account number (IBAN) during euro transfers.
In Belgium too this will come into effect, the Belgium’s Ministry of Economy announced.
Previously, some banks carried out this verification voluntarily, but the measure is now mandatory across Europe.
If the name and IBAN do not match, customers will be alerted before confirming the payment and can either correct the information or proceed at their own risk.
In 2024, the Ministry Economy recorded 215 cases of invoice fraud, resulting in losses totalling €3.3 million.
Fraudsters often intercept electronic invoices sent by businesses to their clients to alter the recipient’s account details.
"Each year, criminals siphon off millions of euros in this way. By verifying the name linked to the IBAN, we aim to prevent this as much as possible," said Consumer Protection Minister Rob Beenders, applauding the measure as a way to "safeguard citizens’ purchasing power."
Industry association Febelfin welcomed the verification as an additional tool against fraud but noted its success also depends on the vigilance of businesses and consumers. Everyone is urged to always double-check bank details on invoices.
In cases of uncertainty, it is advised to compare the account number on the invoice with that on the purchase order or the company’s official website, or to contact the company directly through verified channels.
If fraud is suspected or confirmed, immediately notify your bank, Febelfin stressed.
Incidents should also be reported via the ConsumerConnect platform, enabling the Ministry of Economy’s inspection unit to investigate and potentially launch a formal inquiry.
