From Monday, all ATM service payments must show the name of the final recipient.
This change, imposed by Notice No. 4/2024 of the Bank of Portugal, aims to increase transparency and fight fraud by allowing the user to confirm the beneficiary before authorising the transaction, whether by home banking or at an ATM.
The facility already exists for bank transfers and has helped reduce fraud, especially the “Hello dad, hello mom” type, by 77%.
Now, it is also mandatory that the final recipient’s name is included on all payment references and direct debits, even when intermediaries such as Easypay or Hipay are involved.
Samantha Gannon
info at madeira-weekly.com
