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EU proposal on “name check” could help fight fraud - Chris MacManus MEP

14 April, 2023 - by Chris MacManus MEP

EU proposal on “name check” could help fight fraud - Chris MacManus MEP

Midlands Northwest MEP Chris MacManus has said new proposals from the EU that would mean services offering electronic or online “instant payments” would have to offer a “name check” service so consumers can verify that the payment is actually being sent to the correct and relevant account and not some account used for scam purposes. 

MacManus said:

“I welcome this proposal to tackle fraud which is becoming an ever bigger social and economic issue. So called “authorised push payments” fraud such as scam texts are becoming a major concern. This occurs when consumers authorise payment but then find out that the service or goods are not legitimate or authentic.   Although this will only apply to instant payments for now, these type of payments are likely to become more prevalent in future.

This simple check of a name against the receiving account could go a long way in preventing such fraud. 

I am disappointed the EU Commission proposal is not insisting that this service is offered free of charge. By not doing so, they are making it less likely to be used and limiting the impact in tackling fraud.

I have tabled an amendment to make sure this service is free and offered without any impediment. The push payment fraud problem needs strong and decisive action, not optional measures that add to the cost for consumers.” ENDS

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