MEP’s amendment to file is a “big win” for local shoppers against potential fraudsters
MEP Chris MacManus has acclaimed a “big win” for shoppers in Co. Sligo against the fraudsters.
MacManus of Sinn Féin who is the local MEP for North West/Midlands tabled an amendment to the “Instant Credit Transfer In Euro” file which was passed by the European Parliament in Strasbourg and written into the final version of the document.
His amendment ensures that each time a consumer makes an instant credit transfer in euro their bank or other provider must provide them a free “name check” to make sure they are transferring to who they think they are transferring to.
He said: “I am delighted my amendment has been adopted in the final law adopted here in Strasbourg.
“Payments scams are a major issue and at home Pearse Doherty has led the campaign to tackle them and to empower consumers.
“The European Parliament has adopted a strong position making ‘name checks’ free. By doing so, thanks to my amendment, these checks will actually be used by consumers.”
What this will mean for Sligo’s shoppers is that banks and other payment service providers are obliged to check the name of a seller against the name of the account that you are transferring your money to and see if there is a match. If there is, then there no discrepancy.
If the names do not match then any transaction will not go through as the payment account either does not exist or could not be verified.
MacManus added: “By following this process, ordinary workers and consumers will be empowered to know who they are actually transferring to. By making this check free my amendment has vastly improved this service and made it so that it will be at no cost to consumers.
“This legislation will at first only apply to ‘instant payments’ which all banks will now have to offer but it has been agreed that it will be used as the template for pending wider legation for all electronic payments.
“That makes it a big win for consumers and a big blow to fraudsters.
“People should always be on their guard but through this amendment they now have an important new weapon in the fight against scammers.
“I urge the EU not to delay in implementing this new important rule and indeed believe that Ireland could act even quicker and make this happen as soon as possible.”