The expert fears that the European Union’s instant payment regulation will increase scams.
The EU’s new instant payment regulation will be introduced in a staggered period during 2025. Adobe Stock / AOP
This year, the EU will enter into force a quick charging regulation, which will transfer money from one bank to another in seconds, regardless of the time of day-even between EU countries. The setting will be introduced in stages during 2025.
CEO of Vault, a corporate financial management service Tuomas Toivonen is concerned about the impact of the quick payment regulation on safety. He fears that the number of bank scams will increase as quick transfers attract criminals.
– The irreversibility and speed of instant charges provide cheaters with a new way of making money quickly without the victim or bank to react. In theory, criminals can recycle money from banks to one in tens of seconds and make tracking difficult and slow, Toivonen says in the Vault bulletin.
According to Toivonen, the quick charging setting will bring a whole new dimension to phishing scams. Although the banks must check from the payee’s bank from October 2025, whether the account information provided by the payer corresponds to the name and account number of the recipient, this will not solve the whole problem according to Toivonen.
– Responsibility is increasingly shifted to ordinary people, who must be more accurate as the scams increase.
According to the Federation of Finnish Financial Services, the quick payment regulation makes it difficult to cheat precisely because banks have to check the accuracy of the payment recipient’s information. This can prevent, for example, so -called security shirts.
– Reviewing the payee’s account will reduce fraud in which the bank’s customer is cheated to send the payment to the wrong account, said Inkeri Tolvanen, a leading financial expert in the press release in December.
Stay safe from web scams
- Check the links before clicking. Take the cursor over the link and see that the web address looks right.
- Please check the name and email of the sender of the message. Make sure that the data corresponds to each other. If you suspect the authenticity of the message, contact the sender in other ways.
- Never reveal your passwords or bank IDs to anyone. Banks and authorities never ask for such information.
- Do not accept the charges you have not made yourself.
- Identify when you are intimidated in a hurry. Avoid panic solutions and always check the fee requirements carefully.
- If you notice something suspicious, always inform the bank or payment institution.