There a lot about scams and giving details about our bank account Some imply that the IBAN and BIC should be avoided, I fail to see how a scammer can draw from a person's bank account by giving these IBAN detail and not giving any passwords. We give IBAN numbers all of the time for electronic pament
Giving IBAN number
- Thread starter roker
- Start date
It's fine - it's meant to be given out. The only thing to be wary of is giving out personal information (e.g. dates of birth etc) or using the IBAN as a security question for example. This is more about social engineering hacking e.g. someone calling the bank help desk with enough personal information to get them to change something like the mobile phone contact number - and taking it from there
BIC's are totally public - they are the equivalent of a street address within SWIFT. They just identify the bank. You can actually guess the BIC usually. Every institution gets a 4 letter core code (e.g. for AIB it is "AIBK"), the next two letters are the country code for the branch (ISO country codes) and then a 2 letter/digit branch code (or head office code for a general payment). There can be a 3 digit / letter additional code to identify departments. So a payment to AIB is going to AIBKIE2D
The IBAN is also a construct made up of the 4 letter bank core SWIFT ID, sort code and account number (with an additional check digit). If you have someone's account number you can construct the IBAN
You can't draw from someone's account on the basis of an IBAN
Really? I wouldn't have thought so. I'd give card number mainly, I'd only ever give IBAN to a bank for mortgage application, they insist on this I think.
IMO giving the card number for all other payments means if you cancel the card, youre on control. If you give the IBAN, that's direct access to the account, effectively bypassing the card. You can't withdraw from an ATM with the IBAN or anything but you can set up a direct debit for example.
This actually happened recently to me whereby non authorised payments were happening and bank said it was easier to block them and cancel card since I had used the card number as opposed to if I'd given out IBAN.
That's my understanding anyway.
No it isn't - and no you can't. IBAN gives you no access - it only allows payment to that account
Giving out a card number is actually a lot more risky. Yes you can cancel a card but only if you or the bank notice the transactions. An IBAN doesn't allow anyone even process a transaction
It's big business calculating and verifying IBANs. You can use it to get the Pope's code at Vatican City, but I doubt you'll get any money out!
IBAN Checker: International Bank Account Number validation
IBAN checker is a software designed to validate an International Bank Account Number and identify the bank owning this account, BIC code and address.
www.iban.com
I'm not sure what you mean by big business - it's public information and, as you linked, there are multiple ways of verifying an IBAN is valid online. But if you mean someone is making money from verifying IBAN's - they aren't. Anybody can do that
They sell their licensed services to software developers and businesses who wish to make multiple validations or calculations in the course of their business day with having someone sitting at a keyboard. It's all there under "Pricing" - big business. https://www.iban.com/pricing
To set up Direct Debit you'll need:
A Republic of Ireland bank account that allows Direct Debit to be set up
Your IBAN (Found on your bank statement).
So how does Electric Ireland set up a direct debit with just the above then? I'm not disagreeing, you seem far more knowledgeable on this than I) but I'm interested to see how utility companies setup payments then?
Yeah so I fill that in, send it to utility company, but what from said mandate is actually seemed to set up the direct debit? Who actually sets up the debit, the bank or the utility? Does utility company send the mandate to the bank to set up the direct?
In other words if I somehow had your iban, what else would I need in order to setup a direct debt to charge you monthly? Or if that not possible as I'd need to submit some official looking mandate headed with "please pay MyFakeDirectDebitCompany" to send to the bank before they'd action it?
Apologies if I'm being very slow on this.
In other words if I somehow had your iban, what else would I need in order to setup a direct debt to charge you monthly? Or if that not possible as I'd need to submit some official looking mandate headed with "please pay MyFakeDirectDebitCompany" to send to the bank before they'd action it?
Apologies if I'm being very slow on this.
Yep but who ever looks at signatures on bank cards for example. Isn't that why they introduced chip and pin? Do you think banks match that up closely when processing the mandate? I'd say you'd find a letter in the garbage if you found where the person lives! Again I'm being super awkward I know 
Thanks, most useful. The second result
https://businessbanking.bankofireland.com/app/uploads/2016/07/SEPA-Glossary-of-Terms-PDF.pdf is
actually is very good explanation, diagrams with boxes
[Edit]
This is the corrected link https://businessbanking.bankofirela...7/OMI010324-SEPA-DD-Originator-Guide-v5-i.pdf
https://businessbanking.bankofireland.com/app/uploads/2016/07/SEPA-Glossary-of-Terms-PDF.pdf is
actually is very good explanation, diagrams with boxes
[Edit]
This is the corrected link https://businessbanking.bankofirela...7/OMI010324-SEPA-DD-Originator-Guide-v5-i.pdf
Last edited:
There are no diagrams in the pdf file you linked to.
If the bank does not check the signature on the mandate against the signature on file for that account, then you can easily question any payments taken and have them reversed
You can be sure that banks do check mandates properly before setting up the DD authorisation. If shop keepers and such like can't be bothered checking signatures on cards, then that is their problem not the banks
If the bank does not check the signature on the mandate against the signature on file for that account, then you can easily question any payments taken and have them reversed
You can be sure that banks do check mandates properly before setting up the DD authorisation. If shop keepers and such like can't be bothered checking signatures on cards, then that is their problem not the banks
I'm not sure where this whole signature being checked by the bank is coming from.
Under the Irish 'DD plus' scheme, you don't need a signature on a mandate if it's an Irish IBAN and a DD+ originator. No signature or paper mandate is required by anyone.
Even if it's not a DD+ originator, the mandate never goes near the bank. All SEPA DDs are just electronic messages. The originator keeps the mandate.
However, the originator has signed up to a set of rules that provides the account holder huge protection, and unauthorised DDs can be reversed for up to 13 months.
An originator needs a bank sponsor before they can raise DDs, so in the event that they're not able to refund, then their sponsor bank pays.
Under the Irish 'DD plus' scheme, you don't need a signature on a mandate if it's an Irish IBAN and a DD+ originator. No signature or paper mandate is required by anyone.
Even if it's not a DD+ originator, the mandate never goes near the bank. All SEPA DDs are just electronic messages. The originator keeps the mandate.
However, the originator has signed up to a set of rules that provides the account holder huge protection, and unauthorised DDs can be reversed for up to 13 months.
An originator needs a bank sponsor before they can raise DDs, so in the event that they're not able to refund, then their sponsor bank pays.
You may not have much love for him, but Jeremy Clarkson got stung on this very issue a few years ago. He too thought that no harm could come of giving out his bank account details, so printed them in a national newspaper.
If I ring a utility company to set up a direct debit they have no way of checking if the sortcode and account number I give them is in the same name as the utility account.
You are protected by the direct debit guarantee so can ask your bank to stop the payments, but the utility company won't speak to you if you're not the account holder.
www.telegraph.co.uk
If I ring a utility company to set up a direct debit they have no way of checking if the sortcode and account number I give them is in the same name as the utility account.
You are protected by the direct debit guarantee so can ask your bank to stop the payments, but the utility company won't speak to you if you're not the account holder.
Jeremy Clarkson eats his words over ID theft
www.telegraph.co.uk