The short answer is no.

A cheque book sometimes contains bank account details. In the same way, the Lydia app contains IBANs to help the user find their details easily. This also poses no risk.

Role of the IBAN

An IBAN simply allows a transfer from a Lydia account to an ordinary bank account.

An IBAN is neither a ticket nor a cheque, and cannot be used to make payments at supermarkets. An IBAN is always linked to a bank account, from which you can:

  • Transfer money from the account
  • Withdraw money from the account (on the condition this has been authorised)

Withdrawal from a bank account via IBAN can only be made via recognised bodies including the authorisation to make SEPA (Single Euro Payment Area) withdrawals.

If the user lost their IBAN details in the street, nobody would be able to use them to withdraw money from a bank account, as this would require falsifying the interbank payment details (TIP).

Non-existant fraud

Fraudulent use of an IBAN would necessitate withdrawing money from a bank account via IBAN. Such fraudulence is virtually impossible, and even if it did occur, the user would have 13 months to contest any fraudulent withdrawal. To add to this, banks have a law imposed on them to refund the user in the event of a fraudulent interbank payment.

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