Out of the daily million bank and mobile transfers that take place in The Netherlands, around 1,300 are incorrect, as reported to Dutch banks. Three quarters of those transfers result from errors made by customers using old account numbers or choosing the wrong account in their address books. Bank customers report more than 200 cases of incorrect transfers per month due to suspected fraud.
The new product aims to tackle this issue. When an Internet or mobile banking user has entered the IBAN and name of the beneficiary, the IBAN-Name Check verifies if the entered name is the same as the registered account holder’s. If the two do not correspond, a notification will appear on the transfer screen.
The IBAN-Name Check will be available for Rabobank Internet banking and mobile banking. Users do not have to update or activate anything to enable the feature. The check works for all IBANs in the Netherlands. The IBAN-Name Check will also be made available to other banks and they are free to decide if and when they wish to use this service.
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