With an IBAN-Name Check, you can also prevent salary payment fraud

Employers should take immediate action to combat salary fraud and errors because they can cause significant damage. The Labour Market Fraud Act requires employers to ensure employees have their own bank accounts, and failure to do so can result in fines. Checking bank accounts is necessary to avoid errors during onboarding and prevent salary fraud, which is increasingly common in large organizations. Salary fraud involves fraudsters posing as employees and changing account details to redirect payments.

Implementing the IBAN-Name Check, an automated solution that verifies account ownership, can prevent errors and reduce the burden on employees. There are three ways to prevent invoice fraud and incorrect transfers.