Energy supplier prevents fraud with IBAN Name Check

Customer case study of an energy supplier

Integration of API for organizations
Improve customer acceptance process
Less depreciation
Smooth onboarding of new customers

A green energy provider is deploying the IBAN Name Check to improve the customer acceptance process and deter fraud. This makes them the first energy supplier to use this service.

This checks the data of those signing up for an energy contract. If the data is incorrect, the submitter will receive an automatic message to update the data.

In half the cases, the data is then updated and thus the energy supplier has the correct and validated customer data. The other half do not match the data and thus do not become customers. These are potential frauds: Providing false personal and payment information is a persistent problem for energy suppliers. In the past, for example, it was common for fraudsters to provide a foundation’s IBAN. This causes unjustified collections and reversals and takes a long time to figure out. With IBAN Name Check, these cases are prevented as early as onboarding.

Combining the IBAN Name Check

The energy supplier also uses a Credit Check. However, when false data is provided, this check can falsely give a positive result. By combining the IBAN-Name Check, you can be sure that the Credit Check is done about the right person or company. Mistakes and frauds are thus immediately spotted.

Persistent problem

Back in 2014, the daily Metro reported, “Energy suppliers suffer losses due to personal data fraud and pass this on in the energy bills of Dutch households. Many millions in bills remain uncollectible by the grid operators, because the applicants for the power turn out not to live at the addresses or simply do not exist.”

Needless to say, this increases the cost of energy suppliers. Loyal customers suffer as a result. Using the IBAN Name Check, these frauds can often be prevented and energy providers have fewer write-offs.

"By integrating the SurePay IBAN Name Check, we have been able to drastically reduce fraud and uncollectible accounts. This benefits our existing customers!"

– Director of energy supplier

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