The European Parliament has adopted a Midlands North West MEP’s motion to rollout free ‘name checks’ on bank transfers.
The ‘name checks’ will now be provided free of charge by banks or other financial providers to consumers who make an instant credit transfer in euro.
MEP Chris MacManus says it is a major step in the fight against fraudsters as the checks will verify who you are transferring money to is who they say they are.
He hopes the template can be introduced to govern all electronic payments:
