Online banking is essential these days, but new technology also brings risks. According to PRNewswire, in just 12 months, almost 6 million people in the U.K. were victims of some kind of identity fraud. Nearly 50% of these cases involved bank accounts. To avoid becoming a victim, too, you need the answers to several important questions: What is an IBAN number, how can ID Screen help and why should you care about banking protection?
What Is an IBAN Number? The Basics With ID Screen
An International Bank Account Number is a code assigned to your bank account. The IBAN assists in bank transfers from other countries. This system is used extensively in Europe due to the likelihood of users having bank accounts in neighbouring countries.
As an example, imagine that your main bank account is located in the U.K. You have another bank account in France for business purposes. Any time you transfer money from your French account to your U.K. account, the IBAN would show up on your bank statement.
What Is an IBAN Number? What To Look For in ID Screen Details
Your IBAN contains a unique combination of letters and numbers. This helps to set your account apart from other bank accounts. The IBAN codes from each country look slightly different, but they all follow the same basic format.
Country Code
The country code is always at the beginning of the IBAN. Here are a few country codes for banks in Europe and Asia:
- Belgium: BE
- Germany: DE
- Japan: JP
- Spain: ES
- Switzerland: CH
The country code is always two letters.
Check Digits
The next part of the IBAN consists of two numbers. The check digits follow an algorithm and help with account verification. If these two numbers get flagged as false, the transaction gets rejected immediately.
Basic Bank Account Number
The final part of the IBAN is a large series of letters or numbers. The BBAN generally has a few sections, such as national code, bank code, bank branch and 12-digit bank account number.
Here are a few formatting examples for different countries:
- France: FR24 3000 9000 0112 3456 7899 976
- Germany: DE87 1000 9999 1234 5678 90
- Belgium: BE21 0963 4567 8487
- Norway: NO 37 8602 1234974
Every country handles its identification system a little differently.
What Is an IBAN Number? Important Factors To Remember With ID Screen
Sometimes, it’s easier to get the complete picture if you understand what an IBAN isn’t.
Not Your Foreign Bank’s Account Number
The IBAN is only for tracking and account verification purposes. When you’re coordinating with your foreign bank online, you’ll use the account number the bank assigned to you.
Not a SWIFT Code
The IBAN system and Society for Worldwide Interbank Financial Telecommunication system are two different things. SWIFT codes are used during international bank transactions, but they only verify your routing bank, not your account.
Not Universal
Some countries don’t use the IBAN system for bank transactions. The United States and Canada use the SWIFT system. Other non-IBAN countries include the Philippines, Thailand, South Africa and New Zealand.
What Is an IBAN Number? Why You Need ID Screen for Account Protection
Con artists and criminal organisations are constantly looking for ways to take your money. ID Screen can help, but it still pays to be alert to the following dangers.
IBAN Billing Scams
Billing scams are becoming increasingly common in the EU, especially related to large transactions, such as home purchases. Scammers send you an email related to a real transaction, but they change the legitimate IBAN with their own account number. When you go to pay the bill, you lose the money to a false bank account.
Phishing Scams
Phishing emails look authentic, but in reality, hackers are trying to steal your account information, such as your IBAN and login details. The email says it’s from your bank and tells you to verify your account urgently. Clicking the link takes you to a website that asks you to enter your account number, password or PIN. The problem is that the website belongs to hackers, who steal your info as soon as you type it in.
Fake Websites
When you’re planning for a vacation, take your time to book airfare, rental cars and accommodations from websites you trust. Fake websites can take your credit card details and not deliver anything. You may not discover the scam until you show up at the airport or hotel!
Data Breaches
High-profile data breaches can result in hackers getting your credit card information, address, ID numbers or other personal info. With this data, they can apply for new credit cards, try to access your bank account or rack up purchases under your name.
What Is an IBAN Number? How ID Screen Can Help You
Speed is of the essence when it comes to protecting your bank account or personal information. If there’s a data breach, you need to find out if you’ve been affected as soon as possible. The same thing goes for credit card fraud, identity theft and other scams.
At ID Screen, we provide a range of services that can help you stay safe:
- Real-time alerts: Our team can tell you right away if your IBAN account or personal info is in danger.
- Always-on monitoring: We monitor your information 24/7, 365 days a year to look for strange activity or risks.
- Dark web surveillance: The dark web is where criminals go to sell stolen credit card details, personal info and other hacked data. We keep an eye behind the curtain to alert you to ID theft that you’re not aware of.
- Personalised support: Our professional team is ready to answer your questions and provide support in the case of an account breach.
Use ID Screen to see right away when your IBAN has been used. If you didn’t authorise the transaction, you can take action immediately to contact your bank and stop payment.
What Is an IBAN Number? How To Get Started With ID Screen
ID Screen can also help you keep tabs on your credit cards, debit cards, email sign-ins and other monitored accounts. Knowledge is power when it comes to protecting yourself. Learn more about our services right away. At ID Screen, we’re happy to answer your questions.
https://www.prnewswire.com/news-releases/more-than-5-5-million-adults-in-the-uk-fell-victim-to-identity-fraud-in-the-last-12-months-301496787.htmlhttps://www.westernunion.com/it/en/iban-code.html
https://www.investopedia.com/ask/answers/100214/whats-difference-between-iban-and-swift-code.asp
https://www.investopedia.com/terms/i/iban.asp
https://www.forbes.com/advisor/money-transfer/iban-vs-swift-code/
https://www.irishmirror.ie/news/irish-news/gardai-warn-hackers-changing-iban-26609673
