Protect your business from fraudulent transfers
In 2024, 85% of SME and mid-cap companies fell victim to fraud. This alarming statistic has driven us to create solutions to help you identify and block suspicious beneficiaries, long before they can cause you financial loss.
Identify suspicious beneficiaries with Memo Bank Protect
Automatically check each IBAN.
Memo Bank Protect performs a systematic two-step IBAN verification:
1. Name-IBAN Matching: We ensure that the beneficiary's name correctly matches the provided IBAN, thereby thwarting identity impersonation attempts.
2. Reputation Analysis: We check if the IBAN has been previously associated with alerts or fraudulent activities reported on our network.
This dual-layer security is always active, both when adding a new beneficiary and before the approval of each wire transfer.
Validate your suppliers' identities
Instantly obtain essential information about your partners, such as the company's creation date, the owner’s name, and its business sector. This allows you to validate your suppliers' identities before making a payment, helping you avoid common scams like supplier fraud and CEO fraud.
Implement a four-eye check with a validation workflow
You can implement a validation workflow for IBANs and transfers, requiring administrator approval directly from our banking interface. This dual validation strengthens your first line of defense against internal and external fraud attempts.
Get alerts on fraudulent IBANs.
Memo Bank Protect continuously verifies your beneficiaries' details against a database of reported accounts. If you attempt to make a wire transfer to an IBAN that has been recently identified as fraudulent, a real-time alert will appear on your screen, in addition to an email notification. This automatic check gives you the necessary reaction time to cancel the operation and protect your business.
Why choose Memo Bank to protect your business?
Block all avenues of attack from fraudsters
In addition to Memo Bank Protect, we provide an arsenal of tools to protect your business, including virtual IBANs, direct debit blocking, real-time visibility over all company’s financial movements, and automated financial workflows via our Premium banking API.
Access real-time and up-to-date data
Our algorithms query the most reliable and current services or platforms, such as the EBA Clearing's FPAD (Fraud Pattern Anomaly Detection) and Pappers (a corporate registry website) for legal information.
Tools with no extra cost or complex integration
While most financial players treat security as a paid option, we see it as the foundation of our partnership. All our subscription plans include a comprehensive risk management component, with no extra fees or complex technical integration.
Your benefits at a glance
01Active prevention: Screen for fraud from the moment a beneficiary is created, long before any transaction occurs.
02Enriched information: Access legal data and risk assessments for every IBAN.
03Customised validation: Define your own beneficiary validation rules and integrate them into your workflow.
04Compliance beyond Verification of Payee regulatory requirements.
05API Control (Coming soon)
