The verification of the beneficiary’s name is extended and further strengthens the fight against invoice fraud.
9 October 2025 - 7 min Reading time
From today, the name of the beneficiary for bank transfers in euros within the eurozone will be checked with the account number of the beneficiary.
If this name does not match, the payer will be warned.
The goal is simple: to better protect customers against fraud and to avoid mistakes when making transfers.
And that is necessary, because last year the SPF Economie / FOD Economie already received more than 200 reports of invoice fraud, with reported damages amounting to no less than 3.3 million euros.
What changes concretely?
Many banks had already gradually introduced it, but from 9 October, all banks are obliged to automatically verify the beneficiary’s name for transfers in euros within the eurozone.
Concretely, your bank will, when you enter a transfer order, verify with the beneficiary’s bank whether the account number (IBAN) and the beneficiary’s name match.
As a customer, you do not need to take any additional steps for this, as it happens automatically.
The goal is simple: to better protect customers against fraud and to avoid mistakes when making transfers.
With this new verification of the beneficiary’s name, the banks are providing a new tool to reduce fraud. However, it will require an effort from everyone to make it a real success. Companies will have to clearly display their legal names on invoices, and consumers will also need to correctly fill in the names of beneficiaries. Combating fraud is not only the task of the banking sector but of the entire ecosystem. Only together can we truly reduce fraud.
Does this apply to all transfers?
Yes, it will be automatically verified for every domestic transfer you wish to make.
Also when you transfer an amount in euros to a foreign bank account within the eurozone.
For transfers outside the eurozone, this verification does not take place.
What happens if the name and account number do not match?
Then the bank will warn you before you confirm the payment.
You can then correct the details or consciously decide to continue with your payment at your own risk.
If the details do not (completely) match, we advise you to check the beneficiary’s account number to avoid fraud and incorrect transfers.
What can you do if the name and account number do not match?
You can correct the details or consciously decide to continue with your payment at your own risk.
If you are in doubt, compare the account number on the invoice with the account number on the purchase order or on the official website of the supplier.
Or better: contact the company via one of its official channels (be careful, because even that information can be falsified on an invoice).
Be alert if an invoice mentions a new account number, or if it is the first time you are paying that supplier.
Why does this measure protect against fraud?
This verification is, among other things, very important in the fight against invoice fraud.
That is a technique in which fraudsters intercept invoices that are sent (digitally) by companies to their customers. They change certain information (for example, the beneficiary’s account number) so that the amounts are transferred to their own account instead of the company’s account.
In 2024, the SPF/FOD Economie received 215 reports of invoice fraud with reported damages of more than 3.3 million euros.
This year, the counter already stands at 166 reports, with damages amounting to 736,719 euros.
It is always important that consumers report such cases via Consumer Connect.
In this way, the Economic Inspectorate of the FPS Economy can examine these reports and decide to open an investigation, helping to prevent new victims.
Being deceived by a criminal who falsifies the account number on an invoice is something you hopefully never have to experience.
Every year, criminals make off with millions of euros through invoice fraud.
With the IBAN name check, we want to avoid this as much as possible.
It is good that from today banks are required to check for every transfer whether the name and account number correspond.
In this way, we protect people’s purchasing power.
What if you still paid a falsified invoice?
Contact your bank as quickly as possible to report the fraud.
Banks are available 24/7 via special fraud phone numbers that can be found on the websites of your bank, Febelfin, and Card Stop.Also report it via Consumer Connect.
The Economic Inspectorate of the FPS Economy will review your report and may decide to start an investigation to put an end to the fraudulent practices.
Discover in our video how the verification protects you against fraud
In our explainer video, you can see how the verification of the beneficiary’s name works.
(only available in NL or FR)
FAQ: an answer to all your questions
To provide answers to frequently asked questions about the verification of the beneficiary’s name, we have prepared an FAQ.
