Partnership Between SIBS and EDP Avoids Fraud in Payments Worth EUR 65 000

Cooperation is based on the creation of a direct channel between the two entities, allowing SIBS to quickly cancel reported references as fraudulent by consumers to EDP.

During the first three months, 100% of cases reported with evidence were confirmed and blocked. Consumers can signal suspicious situations through the EDP site or support line.

EDP is working with SIBS to avoid fraud through multibank references. For three months, the system has allowed it to avoid at least EUR 65 billion in fraud.

The creation of direct channel between companies allows SIBS to “cancell quickly” reported references as fraudulent.