Financial fraud have been gaining new forms and sophistication, requiring equally modern answers from regulatory entities. As digital payment means become more common, the need to ensure safety and transparency in each transaction also increases. In this sense, a new measure of Banco de Portugal for multibanco transfers now comes into force with the objective of protecting users against the circumvents.
Payments with more transparency from May 19
From Monday, May 19, all payments made by entity and reference will present, visibly, the name of the recipient of the funds. The measure, defined by Banco de Portugal (BDP), had already been communicated in November last year and aims to combat fraudulent practices, reinforcing confidence in operations by multibaning reference.
The change allows the ordinant to clearly see who will receive the amount paid, a data that could previously be hidden, especially when intermediated by payment platforms, says the savings accounts.
Fight fraud with clear information
The purpose of this new functionality in bank transfers goes beyond mere transparency. It is intended to reduce the number of burles associated with this type of payment, a method widely used in online purchases and punctual transfers. The visibility of the recipient’s name acts as an additional protection layer for those who pay.
For Eduardo Barreto, Director General of Hipay in Portugal, quoted by, the measure has no negative point. In your words, it will “improve everything”, making it harder to practice financial crimes. The official believes that the visibility of the company name associated with the operation will be well received by customers.
Sector applauds change
The measure was well accepted among the main payment platforms to operate in Portugal. Telmo Santos, executive co -president of Eupago, classified this change as “a positive step towards reinforcing security in financial transactions.”
Also Filipe Moura, co -founder of IFThenpay, shared the same opinion, considering the measure “very positive”.
Although fraud by multibanco reference are statistically low, IFThenPay’s head of the change in highlights that the change can help prevent more recent schemes, such as the well -known “hello father, hello mother”, where criminals pass family members to get money.
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Company name and partner visible in the same transaction
With this new functionality, the name of the partner involved and also the payment platform will be presented. This, according to Hipay, may even reinforce consumer confidence, as clear identification allows the user to know who is dealing with.
In practice, the ordinant will now have direct access to the name of the receiving entity, something that can be useful in conflict or doubt situations. If there are failures to deliver products or services, the consumer will know who contact.
More security for the end consumer
Quoted by the same source, Filipe Moura underlines that the visibility of the name facilitates mediation in cases of disputes. “Without this visibility, fraud such as non -delivery of goods or services would be harder to detect, prevent and lock,” explained the IFThenPay co -founder.
Eupago, in turn, acknowledges that there may be some impact on the visibility of the platform brand, but considers that this effect will be reduced and should not affect the business activity of companies.
Measure reinforces protection trend in the financial sector
This new stage of identification of recipients of transfers by multibanco follows a logic already adopted in other areas. In May 2024, for example, the obligation to identify the bank account holder in transfers by IBAN was implemented, another measure that aimed to lock phishing schemes and other digital fraud.
Banco de Portugal has been reinforcing its performance in this field, seeking to balance innovation, convenience and consumer protection. Safety in digital transactions is today a priority, not only by regulators, but also from the companies that operate in the sector.
Prevent before it happens
The adoption of this functionality is an example of how small changes can have a major impact on digital security. Knowing early, who receives our money is one of the simplest and most effective ways to prevent scams and increase confidence in the payment system, accounts savings.
With the advancement of digitization and increasing online purchases, measures like this will be increasingly common. And, according to industry experts, this is the right way to ensure that innovation continues to benefit the user and not the burns.
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