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Parliamentary question - E-000337/2022Parliamentary question

    Boosting confidence in the EU single market: European rollout of confirmation of payee (CoP) system for IBAN payments

    Question for written answer  E-000337/2022
    to the Commission
    Rule 138
    Antonius Manders (PPE)

    Following the introduction in the Netherlands of the IBAN name check (INC) or confirmation of payee (CoP) system that allows consumers to verify before making a bank transfer that an IBAN bank account number is actually in the name of the intended payee, the number of fraudulent domestic transfers has dropped by 81%. At the same time, the Dutch banks are reporting a massive increase in the number of fraudulent transfers to European IBAN account numbers, seriously undermining confidence in the European internal market.

    Last updated: 4 February 2022
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