Transfer fraud now affects 64% of companies, and almost 37% of attempted frauds are successful. How can you protect yourself against this threat? Via the Ellipro Risk Management platform or via API, automatically check whether the bank account associated with the IBAN you have corresponds to the account of your third party, and whether this account is active.
Bank transfer fraud: a growing threat for both customers and suppliers, requiring a tailored response
The risk of BtoB fraud has grown exponentially in recent years: in 2023, 64% of French companies were victims of at least one fraud attempt, an increase of almost 28% on the previous year (SAP/OpinionWay study).
And among the various techniques available, transfer fraud is the most popular. Whether used on the customer or supplier side, it has serious financial, organizational and reputational implications for companies.
Faced with fraudsters using increasingly complex and sophisticated technologies, you, Finance Departments and Risk Professionals, need to provide an appropriate response to combat this threat. You need to limit time-consuming manual checks and automate the IBAN verification process.
Risk prevention, secure payments and optimized productivity: benefit from the "winning triptych" of an automated process
Thanks to Ellisphere's Automatic IBAN Verification :
1 - Detect fraud before it affects you
from a financial or reputational point of view, by making your third parties more reliable and securing your transfers
2 - Eliminate the risk of non-payment
due to an erroneous data repository.
3 - Improve your teams' operational efficiency
which rely on an automated, reliable and fast process
Today, the IBAN verification for IBAN verification divided by 10, from 30 to 3 minutes. Team productivity has increased tenfold.
- Grégory FERNANDES, Credit Manager at MPSA
Ellisphere's automatic verification of IBANs: an offer adapted to all your needs, whatever the volumes and uses.
Automate the verification of IBANs to ensure that they correspond to the accounts of your third parties and that these accounts are active.
How does it work in practice?
You can use this service at 4 key moments in the relationship:
When making your data repository more reliable, by checking the stock of IBANs
When entering into a relationship
When changing your bank details
Before payment
And the request for verification of the match between the IBAN and SIRET of your term returns 3 types of response:
Valid and known IBAN: the IBAN is that of the company.
IBAN not linked to the company : the IBAN does not correspond to that of the company. In this case, fraud is suspected.
IBAN associated with a closed account : the IBAN corresponds to that of the company, but the company is not active.
What are the advantages of this service?
- Access via the Ellipro Risk Management platform
- API connection: favored by large, technology-driven companies, to automate processing within their existing processes.
- Unitary: Used for use cases requiring an immediate response, such as contract subscriptions or new relationships. Your verification request is processed in real time, and you receive a response within 20 seconds on average.
- Bulk, via bulk order : This mode is suitable for high-volume requests, such as the reliability of customer or supplier databases. Your verification requests are processed overnight, and you receive a response within 12 to 24 hours.
Features for an optimal customer experience
Quick access and verification from the dashboard
Launch your requests in one click and get a response in near real time.
This module keeps a record of all IBAN verification requests.
You can filter responses to manage your files
A view of verified IBANs on the Company File
For Ellipro Risk Management customers: From the Company File, you can view the results of IBAN verification requests. Credit Managers or Buyers: you can complete the analysis of your third party's solvency with a check to ensure that the IBAN received corresponds to your third party's account, and that this account is open, thus guaranteeing the third party's reliability.
Order a bulk IBAN check
For the initial verification of your database, or before paying your suppliers, bulk IBAN verification requests can be very useful.
How does it work?
- Receive results in your mailbox the next morning (overnight processing)
- Find results and history in the company files and in the verification module accessible from the dashboard.
Contact
Would you like to benefit from Ellisphere's expertise?
To find out more about the vigilance score, contact us today. Our experts will answer all your questions.
In accordance with the French Data Protection Act of January 6, 1978, as amended, you have the right to access, rectify, oppose, limit, withdraw your consent (if given), erase your data for legitimate reasons, and have your data ported. To exercise this right, please contact us by post at Ellisphere's head office at the following address: Tour Franklin - 100-101 Terrasse Boieldieu - 92042 Paris La Défense Cedex, or by e-mail at hotline@ellisphere.com. You may also lodge a complaint with the CNIL. For further information, please refer to our data protection policy.