Did you know that you can secure your money transfers by learning to verify bank accounts and thus avoid scams using only a simple API? Everything you need to know is in this post!
The world’s banking scams increased by 3000% between 2019 and 2022; and the majority of them had the same goal: to empty bank accounts and request pre-approved loans; then transfer the funds to third-party accounts.
Scams’ shapes evolved over time. During the epidemic; thieves set up bogus social media accounts that consumers who were waiting for a response from their banking institution accessed. They were then instructed to do a procedure at the ATM; such as switching to mobile banking management; creating a 6-digit password, and emailing them the code that showed on the receipt; which allowed the fraudsters to access their home banking.
This hook also worked when clients directly complained on social media about a lack of bank attention;, which altered during the pandemic; to handle some paperwork, an appointment to go to the branch was required, among other changes. When the crooks discovered a complaint about delays or a lack of service; they addressed the victims through private chat using the same language as the banks.
However, the solution is available today and is very simple; It is only necessary to use an API that allows you to manage the verification of the bank accounts; that want to receive transfers from our account; and in turn ensures that we know the recipient’s data, in moments.
Use An API And Make Your Transactions More Secure!
By using a bank account API validator, you may gain access to a bridge between the transfers and you, as well as a measure of security in the face of fraudsters. It is critical that you understand that when you use this tool, an API does not save any personal or sensitive information. The verification tool will validate the format of the entered bank account in order to find the basic account number, the local bank code, and the local account number.
It is critical to remember that the tool will validate the format to ensure that it is suitable for a national or international account. You may also check to see if the local account you’re looking for exists. If you are unsure of the number you require, try using the API to determine to who you will be sending money in order to avoid delays in the transaction or additional fees.
Now that you know how to protect your bank account and avoid fraudulent transactions, we recommend that you start using this API and you will notice how easy it is to use!
Learn All About A Bank Account Using An API!
With IBAN Validator API, you can validate any bank account information (IBAN, BIC/SWIFT, and BBAN) programmatically; and may also obtain further information about the bank, which will provide you with more information on the location of the account. It can validate any number from any Euro nation and establish an IBAN.
IBAN Validator API may also be used to simply convert BBAN numbers to IBAN numbers. If you need to offer someone outside your country your bank information, they will want IBAN, therefore you will produce these numbers for them automatically. More significantly, you will be told in advance if any taxes apply to your purchases. It is a highway to simplify your international payments!
Related Post: Which Is The Most Useful SWIFT Code Checker API Of 2022?