With Trustpair, validate bank accounts in 190 countries and secure every payment through automated verifications. Keep banking operations safe and efficient, at all times.
The fraud in banking industry is evolving. Instant payments, digital channels, and global networks give criminals more opportunities to commit fraud.
Fraud checks consume time and resources from compliance, treasury, and finance teams. Automating banking fraud detection streamlines operations, reduces costs, and strengthens protection.
Banks face strict rules around money laundering, suspicious activity reports, and customer due diligence. Outdated processes increase the risk of non-compliance and exposure to financial crime.
The banking industry is under constant pressure as instant payments, digital channels, and global transactions multiply. This scale makes financial institutions a prime target for fraudsters.
From digital banking fraud to impersonation schemes, criminals exploit gaps in verification and outdated processes. The result:
In today’s fast-moving financial system, traditional controls can’t keep up with sophisticated fraudulent activities.
Banks need a robust risk management framework designed for the complexity of the financial services industry. With Trustpair, your institution can:
Proactively reduce risk before it impacts your clients, your reputation, or the wider financial system.
Trust is the foundation of the banking industry, and accurate payment data underpins that trust. One mistake in beneficiary bank account details can transfer money to the wrong destination, trigger compliance alerts, and damage customer relationships.
Real-time monitoring and fraud detection bring visibility and control over every transaction. When your data is clean and verified, teams operate faster, with confidence, and without the risk of falling victim to fraudulent documents or payment errors.
Protecting payments is about more than security. It is about ensuring business continuity, safeguarding the financial system, and maintaining the reputation of your institution.
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Fraud in the banking sector happens when criminals target the banks or its customers to steal money or misuse bank accounts. It’s a growing challenge for financial institutions across the entire financial services industry.
Common types of bank fraud include:
With the rise of digital banking, threats such as online banking fraud, mobile banking fraud, and attacks through banking apps are accelerating. Criminals use phishing scams, fraudulent documents, or fake bank statements to gain access to sensitive credit card details and even multiple accounts.
The impact is huge: fraud losses increase every year and drive up the costs for banks.
To fight back, banks rely on:
The banking sector faces constant exposure to cyber risks. Criminals target financial institutions and the wider banking industry to steal money, gain access to sensitive data, and disrupt the financial system.
Common cyber risks in banking include:
The potential risks are significant: cyberattacks not only cost banks through direct fraud losses, but also erode customer trust and expose weaknesses in verification processes.
To fight these threats, banks must use advanced fraud detection, monitor fraud patterns, and adopt strong security measures. Filing suspicious activity reports, enhancing customer due diligence, and deploying artificial intelligence tools all help prevent fraud and reduce the chance of falling victim to evolving fraud attacks.
The biggest threat facing the banking industry today is fraudulent payments. This form of financial fraud occurs when criminals manipulate account details or carry out fraudulent activities that divert funds into illegitimate bank accounts. Once banks transfer money through a wire transfer or online payments, recovery is almost impossible, leading to heavy fraud losses.
This type of consumer fraud goes beyond individual scams. It exposes financial institutions to systemic criminal activity, damages trust across the financial services industry, and increases the risk of falling victim to ongoing fraud attacks.
To fight back, banks need reliable verification processes and stronger banking fraud detection. By improving controls and monitoring, they can prevent fraud, reduce exposure to present fraud, and protect the global financial system from instability.
Digital banking fraud is one of the fastest-growing risks in the fraud in banking industry. It covers schemes where criminals use technology to commit fraud, often by targeting customers of financial institutions through online banking, mobile banking, and banking apps.
Examples of digital banking fraud include:
These fraudulent activities cause serious fraud losses, expose consumers to consumer fraud, and drive up the overall cost banks must absorb. Regulators like the Federal Trade Commission have highlighted the potential risks, while compliance teams are pressured to report cases in line with each fraud bill and regulation.
To reduce exposure, banks must strengthen banking fraud detection, improve verification processes, and build a strong center fraud response to stop new fraud attacks before customers end up falling victim.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
Thanks to Trustpair, we’ve made a significant shift in our security processes and filled the gaps we needed to fill. Trustpair has proved to be a committed and trustful partner and we’ve appreciated the support and transparency.
We’ve gone from manual and time-consuming fraud controls to automated bank account validation done directly in SAP. The workload has been drastically reduced and payment security is now guaranteed.
