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Sometimes it happens that you pass on your IBAN and no transaction, such as a sale or purchase, takes place. Find out what strangers can do with your IBAN and whether it might be dangerous if your IBAN gets into circulation here.
Passing on your IBAN: It’s that dangerous
If you want to transfer or receive money, you need to pass on your IBAN. When buying or selling online, the deal bounces every now and then. Your IBAN is then nevertheless already in the hands of a stranger.
- Your account data, such as IBAN or BIC, can quickly get to other people. For example, because you have lost account statements or have passed on the data yourself.
- If you are now worried that someone can use your IBAN to access your account and withdraw money, this fear is unjustified. The account data alone are not enough for someone to log into your bank account, for example. You have also secured it with a password.
- It is possible, however, for someone to initiate a direct debit payment with your IBAN. However, you can charge this back to your bank for up to a year if the direct debit was not initiated by you.
- If someone knows your name, address and IBAN, it is theoretically possible to place an online order on account. If you receive an invoice for an order that is not yours, contact the seller or online shop. Tell the person responsible that your data has been misused.
- Basically, you don’t need to fear the disclosure of your IBAN. You can now make online transfers using only the combination of numbers and letters. It is unavoidable to share your IBAN with strangers. There are always isolated cases of account fraud. Therefore, be careful, especially on private sales platforms.
IBAN misused: What you can do
If someone is mistakenly using your IBAN to place orders online, you can stop it. It is possible to do something about it if you pay attention to the following things:
- Watch your account transactions carefully. Also track back the last few months to see which direct debit payments may have been made in error.
- Contact your bank immediately and discuss your concerns with customer service. A member of staff there will help you and go through the next steps with you.
- Do not pay invoices for orders you have not placed. Contact the seller directly if you suspect someone is shopping with your name and IBAN.
