Fraud associated with bank transfers has plummeted by 77% following the implementation of recipient identification, a measure put in place by the Banco de Portugal (BdP) last year, as reported by the banking supervisor on Thursday.
“In the three months following the implementation of these features, fraudulent transfer situations caused by manipulator actions on the payer dropped by 77%,” stated the BdP’s communiqué regarding the 2024 Payment Systems Report.
The banking supervisor indicated that in 2024, there were 83.3 million consultations for the confirmation of an individual beneficiary. By the end of the year, the SPIN service (which facilitates transfers using a mobile number or a corporate identification number) had 339,000 active account associations.
The supervisor highlights that, “to make payments even more convenient and safer, in line with the National Strategy for Retail Payments, Banco de Portugal made SPIN and the beneficiary/debtor confirmation service available (which allows for the prior identification of the recipient of both traditional and immediate transfers, as well as the direct debit debtor).”
The banking supervisor further noted that, “from May 19, 2025, payment service providers will be required to identify the final beneficiary in transactions using payment references and in direct debits.”
Immediate transfers were the fastest-growing electronic payment instrument in 2024, although they remain underutilized compared to other payment methods, according to Banco de Portugal.
Lusa | 19:29 – 08/05/2025
