France to Bolster Protection Against Transfer Scams with New IBAN Verification System

France is taking a significant step to protect its citizens from the escalating problem of bank transfer scams. Starting May 7, banks will be able to consult a centralized file to identify and flag fraudulent IBANs, a move that promises to curb a growing menace.

These scams, particularly those involving fake IBANs, have become a major concern, with the amounts lost skyrocketing. The Banque de France reports a nearly 43% increase in a single year, reaching 230 million euros in the first half of 2025. This figure now represents a larger portion of total fraud than card or check payments, highlighting the urgency of the situation.

Catherine Mathon, director of retail banking operations in France for BNP Paribas, emphasized the importance of this reform, stating it is crucial in combating a "fléau" (scourge) affecting an increasing number of clients. The new system empowers financial institutions to verify beneficiary IBANs in real-time. If a transaction appears suspicious, it can be blocked or slowed down, providing a much-needed layer of security for consumers.

This proactive approach by French authorities, supported by European regulations, demonstrates a commitment to adapting to new forms of financial crime. While the article notes that this is a "décryptage" (analysis), it underscores a national effort to bolster consumer protection in the digital age, a topic of considerable interest and concern for the French public.

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C’est une réforme très importante qui doit nous aider à lutter contre ce fléau qui concerne un nombre croissant de clients