Frequently Asked Questions about Memo Bank Protect
What is wire transfer fraud in businesses?
Wire transfer fraud refers to all scam attempts aimed at diverting bank payments made by a company. The most common forms are supplier fraud (a scammer impersonates a supplier and provides false bank details), CEO fraud (impersonation of a company executive to order an urgent transfer) and IBAN manipulation (discreet modification of the bank details of a legitimate beneficiary).
These frauds exploit trust and urgency, and can lead to considerable financial losses. Since October 2025, the European Verification of Payee (VoP) standard requires banks to verify the name-IBAN match before each transfer. Memo Bank goes further with Memo Bank Protect, an integrated anti-fraud solution that cross-references interbank, legal and historical data to provide a reliable risk assessment from the moment a beneficiary is added.
What is the VoP (Verification of Payee) standard and how does Memo Bank apply it?
Verification of Payee (VoP) is a European standard, mandatory since 9 October 2025, which requires banks to verify the match between a beneficiary's IBAN and their name before executing a transfer. The goal is to reduce wire transfer fraud within the SEPA area. Memo Bank applies this standard through Memo Bank Protect, but goes well beyond the regulatory requirement. The solution enriches VoP with additional data sources: historical interbank data from EBA Clearing (FPAD), legal data (Pappers, SIREN), and internal data. This cross-referencing of data produces a more reliable risk assessment than VoP alone, enabling businesses to make informed decisions before each payment.
How does beneficiary verification work at Memo Bank?
As soon as you add a new beneficiary in your Memo Bank account, Memo Bank Protect automatically analyses it in two steps. First, the name-IBAN match: the solution verifies that the beneficiary's name corresponds to the IBAN provided, which makes it possible to thwart identity theft attempts (supplier fraud, CEO fraud). Second, reputation analysis: the solution checks whether the IBAN has already been associated with alerts or fraudulent activity on the interbank network over the past two years. In addition, Memo Bank automatically enriches information about your partners: company name, trading name, date of incorporation, and sector of activity. This verification is active at all times, both when adding a beneficiary and before each transfer.
How does Memo Bank help combat CEO fraud and supplier fraud?
CEO fraud involves impersonating a company executive to obtain an urgent transfer. Supplier fraud involves impersonating a supplier and providing false bank details. Memo Bank Protect combats both types of fraud through its systematic verification of the name-IBAN match and the automatic enrichment of beneficiary information (company incorporation date, director, sector of activity). In addition, integrated validation workflows (dual validation, administrator approval) help secure each transfer above a certain threshold. If an IBAN is identified as fraudulent, a real-time alert is displayed and an email notification is sent, leaving time to cancel the transaction.
Are Memo Bank Protect alerts blocking?
No, alerts issued by Memo Bank Protect are not blocking. When an anomaly is detected (IBAN flagged as fraudulent, name-IBAN discrepancy), a real-time alert is displayed on your screen, accompanied by an email notification. But the final decision is yours: you can choose to proceed with the transfer despite the alert, or cancel it. Memo Bank provides the information and risk assessment, but leaves the responsibility of the final decision to the client. This approach respects the autonomy of finance teams while giving them the tools they need to make informed decisions.
What additional tools does Memo Bank offer to secure payments?
Beyond Memo Bank Protect, Memo Bank offers a set of complementary tools to secure your operations. Bidirectional virtual IBANs allow you to mask your main IBAN and compartmentalise your financial flows. The blocking of unauthorised direct debits protects you against unauthorised debits on your accounts. Real-time notifications keep you informed of every movement on your accounts. Customisable validation schemes define approval processes tailored to your organisation (dual signature, thresholds, roles). Finally, the Premium API allows you to automate your flows without human intervention, reducing the risks of manual error and internal fraud.
Does Memo Bank Protect also work via the banking API?
Yes, Memo Bank Protect is integrated into Memo Bank's Premium API. This means that beneficiary verifications and risk analyses can be carried out in an automated way, directly from your internal tools (ERP, TMS, back-office). If you use the API to create beneficiaries and issue transfers, Memo Bank Protect performs its checks at every step, and the results are transmitted via the API or webhooks. The IBAN verification offering via API, called Account Assessment, is a paid option.
This is a major advantage for companies that process a large volume of transactions and wish to integrate anti-fraud verification into their automated processes, without having to go through the web interface.
