Suche
Mein Konto
New SEPA rules from October: How to protect your money from fraud!
From October 2023, banks will have to check names and IBANs for SEPA transfers to reduce fraud and incorrect transfers.
New SEPA rules from October: How to protect your money from fraud!
From October 2023, new regulations for SEPA transfers will come into force, which will have a significant impact on bank customers and companies. One of the key changes is the mandatory verification of recipient names and IBANs, which must be carried out before every transaction. This measure is intended to help reduce incorrect transfers and fraud in payment transactions. How Gailtal Journal reported, feedback about the match between name and IBAN will be provided in real time. This shows whether the name matches the account holder exactly, almost or not at all.
Users who provide almost identical information will receive suggestions for the correct name. It is also made transparent if there are technical problems or a lack of support from the recipient bank. These free checks are accessible via all payment methods, including online banking and self-service terminals.
Liability issues and possible deviations
The new regulations also bring with them significant changes in liability. From October, the bank will only be liable if the comparison between name and IBAN is positive. This means that bank customers have to act more cautiously. How Consumer advice center If there are discrepancies, three scenarios can occur: If there are small differences, such as typos, the correct name is displayed, while if there are significant discrepancies, a warning message appears advising that the transfer should be approved. In such cases, customers should contact the payee through official channels.
If there are technical difficulties or missing data, the verification will fail, which should also be interpreted as a warning. When checking, differences in spelling are tolerated; However, actual typos can lead to a negative comparison. It is recommended to take the recipient name directly from the invoice.
Fraud prevention and changes for companies
A key aim of the new regulations is to combat common fraud schemes. The changes are intended to make invoice fraud and CEO fraud more difficult. RA Kotz informs that if the bank warns about name discrepancies, the liability lies with the customer if he makes the payment despite the warning. In such cases, the bank has no obligation to refund the money.
Companies are requested to check their master data regularly to avoid payment delays. Existing standing orders that were set up before the deadline are also initially exempt from the new regulation, but changes to these must now be subject to the new review procedures.
These comprehensive changes not only require adapted behavior on the part of bank customers, but also careful maintenance of account data and internal audit processes in order to meet the requirements of the new regulation.