Payment transfer fraud

Payment transfer fraud covers the techniques used to divert a payment to a fraudster's account: an altered IBAN on an invoice, fake bank details, a supplier's account details changed, or CEO fraud. Because transfers are often irrevocable, especially instant ones, detection before execution is essential. Verification of payee (VoP), which checks the IBAN against the beneficiary name, is the key safeguard. It has become mandatory in the euro area for euro transfers.