More security to fight fraud. As of Thursday, October 9, European banks will strengthen transfers control through a recipient verification system (VOP for beneficiary verification). From this date, when entering a transfer order, the Bank initiator Bank will systematically and automatically verify with the establishment of the beneficiary, that the name and the seized correspond to those of the head of the recipient’s account. A check that should last 5 seconds.
If the name and the correspond, no problem: the transfer will be executed. If, on the other hand, the correspondence is partial (close but not identical name due to a typification failure, for example) or even zero, the client will be informed and will have to decide if he still wants to validate the transfer.
In other words, it is better to be careful when adding a new beneficiary. In the same way, the French Banking Federation advises “to avoid labels such as ‘Mom’ or ‘Electricist'” not to receive a non -concordance alert from its bank when making the transfer. It should also be taken into account that for the beneficiaries already registered, the banks will request to complete or correct the name and the first name.
Fraud to the estimated transfer of more than 180 million euros
This Reure that the account seized, if valid, corresponds Well to the name of the beneficiary, “Lasalle, Secretary of the National Committee for Means of Payments, Within The Banking of France.
However, be careful: space countries know outside the European economic area, such as the United Kingdom and Switzerland, are currently not subject to the obligation to carry out an audit of the beneficiary. This is also not planned in the case of a transfer between the French territories under the euro zone and the French communities of the Pacific (New Caledonia, French Polynesia and the Wallis-Et-Futuna Islands) under the area of the Pacific Franc.
Source: BFM TV
