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EU introduces mandatory verification brake for transfers!
From October 2025, verification of recipients of transfers in the Eurozone will be mandatory in order to combat internet fraud.
EU introduces mandatory verification brake for transfers!
With the rise in online fraud cases, EU regulators have introduced new security measures for transfers. From October 2025, it will be mandatory for bank customers to check their recipients when making transfers. This measure is intended in particular to counteract the numerous cases of hacked accounts and unauthorized transactions that have increased in recent years. faz.net reports that....
The new rules mean that the named recipient of a transfer must be verified. This happens in an additional security loop that is displayed to the bank customer so that they can decide whether they want to carry out the transfer. Fraudulent invoices that require payments to incorrect bank details represent an increased risk factor.
How does recipient verification work?
The verification is carried out by comparing the name of the recipient and the associated bank details before the transfer is carried out. The results of this authenticity check may be as follows:
- Name und Kontonummer stimmen überein
- Stimmen annähernd überein
- Stimmen nicht überein
- Prüfung kann nicht durchgeführt werden
These measures affect both traditional SEPA transfers and real-time transfers and are not intended to cause delays. This procedure will initially be implemented in the Eurozone before being expanded to all 27 EU countries from July 9, 2027. However, it remains unclear whether a recipient check will also be carried out in Norway, Iceland and Liechtenstein.
Liability and responsibility
A key element of the new regulation concerns liability for damage caused by crime. If the recipient verification is successful, liability for any damage lies with the bank. Nevertheless, the banking association rejects calls for expanded bank liability and emphasizes the responsibility of customers in preventing fraud. The annual damage caused by fake IBAN numbers is unclear, but around 30 billion transfers are carried out in the euro area every year.
These new security measures are based on EU regulation and are therefore not the result of voluntary initiatives by banks. Given the ever-increasing threats in the digital space, such measures are more than necessary from a consumer perspective. consumer protection forum.berlin reports that....