{"id":26424,"date":"2025-09-15T09:00:25","date_gmt":"2025-09-15T07:00:25","guid":{"rendered":"https:\/\/my-life.lu\/?p=26424"},"modified":"2025-10-01T08:32:58","modified_gmt":"2025-10-01T06:32:58","slug":"fraud-changes-for-your-bank-transfers-50058","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/fraud-changes-for-your-bank-transfers-50058\/","title":{"rendered":"Fraud: changes for your bank transfers"},"content":{"rendered":"

In response to the increase in bank fraud, the security of transfers will be strengthened. Starting October 9, 2025, the Verification of Payee (VoP) scheme will become mandatory in banks in Luxembourg and the SEPA area. What is it and what will it change for you? myLIFE provides some details.*<\/p>\n

Attempts at financial fraud<\/strong><\/span><\/a> have seen a significant increase in recent years in the Grand Duchy and affect both individuals and professionals. Phishing, vishing, credit card fraud, investment scams, identity theft, etc. Scams take many forms and unfortunately continue to become more sophisticated. Through techniques such as invoice manipulation, \u201cfake bank details\u201d or \u201cfake supplier\u201d scams, bank transfers are also targeted by fraudsters.<\/p>\n

To strengthen the security of money transfers and minimize the risk of human error, a Verification of Payee (VoP) scheme will become mandatory in banks for euro transfers.<\/p>\n

This requirement will apply to the SEPA<\/strong><\/span><\/a> zone from October 9, 2025, and then to the entire European Union from July 9, 2027.<\/p>\n

Your bank will automatically compare in real time the consistency between the information you provide and the details of the account holder to whom you are making the transfer.<\/p><\/blockquote>\n

VoP: What is it about?<\/h2>\n

Initiated by the European Commission (Regulation EU 2024\/886), this system for verifying the recipient of a transfer (\u201cVerification of Payee\u201d or \u201cVoP\u201d) aims to further secure payments within the European Union.<\/p>\n

Before each transfer, your bank will automatically compare in real time the consistency between the information you provide and the details of the account holder to whom you are making the transfer. Specifically, it will check that the name you entered matches the RIB\/IBAN registered with the beneficiary\u2019s bank.<\/p>\n

If a discrepancy is detected, you will receive an alert. This will help prevent input errors and ensure that the money is sent to the intended recipient. In this way, you reduce the risk of fraud through identity theft.<\/p>\n

Good to know<\/strong>: Verification (VoP) will be mandatory for all single euro transfers (standard and instant) between payment accounts. It will apply to electronic transfers made via the bank\u2019s mobile app or website, as well as money transfers requested in person at a branch counter. Furthermore, VoP will only apply to the creation of new standing orders and the modification of existing standing orders.<\/p>\n

How will this work?<\/h2>\n

When you make your transfer and before it is executed, the VoP will automatically check the information entered. You will then receive one of the following messages:<\/p>\n