From today, Tuesday 5 September, Rabobank will check whether the name belongs to the account number when making a transfer. That reports Business Insider.
The Consumers' Association already complained about this at the end of 2015: when transferring money, it does not matter whether the correct name is also given with the account number.
None of the major Dutch banks checks whether the correct name is linked to the relevant account number when transferring. They do, however, leave consumers under the illusion that control is taking place, according to the Consumers' Association at the time.
Rabobank is doing something about it
Rabobank is doing something about that from now on. The bank immediately implements the IBAN Name Check to prevent fraud and mistakes in payment orders.
This IBAN Name Check checks whether the name with the account number is the same as the name that the bank has in its administration. If there is a deviation, customers will be notified.
Control
The check only works on Dutch account numbers and is now standard at the bank for mobile and internet banking. Rabobank claims to be the first bank to have introduced such a check.
Fraud
Research by Dutch banks shows that about 1.300 customers report incorrect transfers to their bank every month. Three quarters of this is due to the use of old account numbers and mistakes in the use of the address book. About 200 reports per month involve fraud.
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