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An IBAN can be used to take money via SEPA direct debit.
by CodesInChaos 20d ago
An IBAN can be used to take money via SEPA direct debit.
- herbst 20d agoWhich is the problem. Why does something like this even exist?
- darkwater 20d agoBecause it's a convenient lower tech solution where you don't need to be a merchant with access to the debit card system to get monthly (or one-off) money, and it's easy to take or give back money. As other comments say, it's also trivial to claim back a fraudulent charge, it's exposed directly in every online bank system UI.
- herbst 20d agoIn Switzerland the concept of a "Einzugsermächtigung" exists too, but it's a step or two more than just knowing your IBAN. Basically you do this with your bank and not the other way around with the merchant. Is it common to check all your banking stuff every month to make sure there is nothing fraudulent? I don't see how this is practical
- mittensc 20d agoI get notified of all SEPA direct debit requests and need to approve them, only for recurring payments. Perhaps other banks don't do this and that is the problem.