From 9th October, for each bank transfer made in France and in the SEPA (Single Euro Payments Area) zone, banks will have to ensure that the name of the beneficiary matches the IBAN entered.
This European measure, called Verification of Payee (VoP), is designed to combat fraud. According to the Banque de France agency, the Observatoire de la sécurité des moyens de paiement (OSMP), fraud increased by 12% in value in 2024, reaching €351 million in losses. One in two companies were victims of a transfer fraud attempt and 29% of fraud losses concern transfers (compared to 43% for bank cards).
