Beneficiary verification is a security measure implemented by Sumeria that allows customers to be sure that a transfer is sent to the correct beneficiary.
This verification relies on a matching service between the name and the provided IBAN, allowing inconsistencies to be detected before the execution of the transfer.
The objective of this verification
It was implemented to combat transfer errors and prevent fraud. In particular, the customer is protected against:
- IBAN entry errors (a single incorrect character and the money may be sent to an unknown recipient);
- Scams involving fake transfer instructions (through identity theft, the communication of a fraudulent IBAN, a call from a fake advisor...).
- The risks of phishing or fraud aimed at diverting a transfer to an unauthorized third party.
How it works
Before a transfer is made, the system checks that the name entered by the customer matches the actual holder of the IBAN;
In case of a discrepancy, the customer is notified.
In all cases, the customer will be able to send the transfer. If they choose to confirm it despite a non-matching alert, they acknowledge being informed that the risk is that the funds may not be sent to the intended recipient.
In case of non-matching
The customer has several options:
- Correct the beneficiary’s name or IBAN, if it is a simple typing error.
- Verify with the recipient that it is indeed their IBAN.
- Cancel the transfer and wait until having more information.
• Never share your security codes, passwords, validation codes, login details, or personal data, even with someone claiming to be a banking advisor, a fraud department advisor, a Lydia/Sumeria agent, or an official organization.
• Never validate a transfer or a transaction that you did not initiate yourself or that was requested by a third party.
• Always check the beneficiary’s name and the IBAN before confirming a transfer, especially when sending funds for the first time.
• Be cautious of messages or calls creating a “pressure factor”: urgency, threats of account blocking, exceptional financial opportunities, or requests for immediate fund transfers.
• Never act in haste: take the time to verify the legitimacy of the request through another channel or by contacting customer service directly via the application.
• Always access your account through official channels (Sumeria mobile application or website) and not via a link received by message.
• In case of doubt or a suspicious attempt, immediately contact customer service before validating any transaction.
These simple precautions help ensure that your transfers are carried out securely.