Past year in September, Rabobank was the first bank in Europe to introduce a solution for Confirmation of Payee: our Account Check. Now, eight months later, we are proud to present the results!
Each day less fraud and misdirected payments
Each day the check prevents 1.500 payments to accounts that no longer exist. This means that the check helps 1.500 customers of Rabobank, each day, not to worry about how to get their funds back. They receive a notification in online banking that the account number is closed. Hence the check prevents mistakes in stead of fixing it afterwards.
Apart from this, the check has diminished money lost due to fake invoices with 70%! Of each euro fraud damage that got lost before, 30 cent remain today.
Also, the number of misdirected payments is only half of what it was before Rabobank introduced the check. In case one pays to the wrong account number, one can ask their bank for help in getting the funds back, which unfortunately doesn’t succeed in all cases. The check cannot not prevent all misdirected payments, because people sometimes choose to ignore a warning message given by the check and because one can also make a payment to the wrong person, e.g. from an address list. In this case, IBAN and name correspond, but one simply has selected the wrong person.
This infograph shows more results of the IBAN-Naam Check in the past months.
Rabobank, ING, SNS, ASN and Regiobank are now connected to IBAN-Naam Check, protecting their customers against fraud and misdirected payments. We are proud of these nice results and work hard to get new banks connected.