logo-meelo
logo-meelo

IBAN verification: a necessity in the face of the rise in banking fraud 

The IBAN, or International Bank Account Number, has become a central element in financial transactions, particularly in the context of SEPA transfers. Its role: to precisely identify a bank account in the international network. However, this identifier, however structured, can become a gateway for fraud. According to the annual report of the Observatory for the Security of Payment Methods (OSMP), published in September 2024, bank transfer fraud represented €312 million in 2023. Nearly half of this fraud (48%) is "fake IBAN scams," whether involving bank account substitutions during exchanges, manipulation of intermediaries, or even online diversions. The scope of vulnerabilities is vast. In this context, securing payments inevitably requires the systematic verification of IBANs before their use. Manual verification, while possible, is often a source of errors, tedious, and ineffective on a large scale. This need for reliability and automation explains why IBAN verification is now an essential building block of a secure payment system. 
Meelo IBAN verification to secure payments

An increasingly demanding regulatory framework 

 

The rise of European regulations is not unrelated to this development. The PSD2 directive requires financial institutions to strengthen identity and authentication checks, particularly when setting up new beneficiaries. IBAN verification fits directly into this framework, as a mechanism for preventing errors and fraud.

This need for vigilance is also driven by obligations related to the fight against money laundering and terrorist financing (AML-CFT), as well as KYC (Know Your Customer) procedures. Added to this are SEPA standards, which require increasing rigor in the management of bank details.

Ignoring or underestimating this requirement can have significant consequences, both in terms of regulatory compliance and reputational risk. An erroneous transfer to a fraudulent beneficiary not only results in financial loss; it also affects customer relations and trust in your entire processes.

 

The Meelo answer: a technological solution designed for professionals 

 

Faced with these challenges, Meelo has developed an IBAN verification solution , based on artificial intelligence, open data and enriched by data from specialized partners. Thanks to this trusted ecosystem, we automatically validate the bank details of your customers or partners with a high level of precision .

The strength of this technology lies in its ability to analyze the IBAN in real time , verifying not only its structure and formal validity, but also its consistency with the associated data (country, issuing bank, etc.). The engine developed by Meelo can thus detect anomalies or inconsistencies as soon as the data is entered, preventing the error from propagating to payment processing.

User experience is at the heart of this solution: the tool integrates easily into existing information systems (CRM, ERP, business solutions), thanks to simple and secure APIs. Companies thus benefit from a powerful tool, without having to modify their internal processes .

Concrete benefits for all teams 

 

Adopting an IBAN verification solution is not just a regulatory or technical requirement. It's also a strategic choice with concrete and measurable impacts on teams' daily lives.

The first benefits are operational. Thanks to automated control , manual tasks disappear, in favor of smooth and secure processing. Teams are freed from low value-added verification work and can focus on management , analysis or customer support.

The second impact directly concerns security . By limiting data entry errors, inconsistencies and attempted fraud, the Meelo solution strengthens the robustness of financial processes and drastically reduces the risk of incidents .

Finally, this approach has a direct impact on the customer experience . Seamless payments, without returns or rejections, strengthen satisfaction, trust, and loyalty. In a context where every interaction counts, the reliability of the payment process is an important lever for differentiation.

 
To summarize, adopting the Meelo solution means benefiting from: 
  • enhanced security of data and transactions,
  • operational time saving for teams,
  • reduction of costs related to errors and fraud, 
  • improving the customer experience at every stage of the journey.
 

Discover our IBAN verification solution and reduce your fraud risks

Contact our team for a personalized demo!

Integrating IBAN verification into a comprehensive anti-fraud strategy 

 
Meelo's IBAN verification solution doesn't work in isolation. It's part of a broader approach to building comprehensive protection against financial risks.
 

As such, Meelo also offers the Identity Fraud Score .

Identity Fraud Solution , a complementary tool that assesses the risk of fraud related to a customer's personal data. By analyzing criteria such as last name, first name, email address, telephone number or date of birth, this tool allows you to detect suspicious profiles, inconsistencies, or weak signals that could indicate an attempt at identity theft.
 
This dual system (IBAN + identity) forms an effective barrier against the main types of fraud encountered today in subscription, financing or reimbursement processes. 
 

Another building block of this global strategy: predictive solvency analyses .

Business solvency analysis solution , which allows for upstream assessment of a customer's repayment capacity or risk level. Thanks to algorithmic models enriched by open data, Meelo helps companies better anticipate non-payments, adjust their commercial conditions, and secure their growth.
 

Customer testimonials: proven effectiveness in the field 

 
Many companies in the banking, insurance, mobility, and energy sectors have already adopted the Meelo solution, with immediate and measurable results. The testimonials are unanimous on several points. 
 
First, ease of deployment . Thanks to a well-documented API and personalized support, the solution integrates quickly with existing tools without creating disruption or overload for teams.
 
Next, the visible reduction in fraud . By automating upstream checks, companies see a significant reduction in direct debit rejections, payment incidents, and attempted fraud through IBAN spoofing.
 
Finally, the return on investment is rapid . From the first few months, the gains in efficiency and security largely offset the implementation costs, with savings made on dispute management, refunds or customer support.
 

Trusted technology for trusted payments 

 
In a constantly evolving financial ecosystem, where digitalization goes hand in hand with increasingly sophisticated threats, automated IBAN verification is no longer a luxury or a mere option. It's a fundamental building block of any modern payment system.
 
Meelo offers reliable, scalable technology that meets current regulatory requirements. It provides a concrete solution to security and compliance challenges, as well as operational and commercial performance. 
 

In conclusion 

 
By integrating IBAN verification into your processes, you're not just responding to a regulatory constraint: you're structurally improving the quality of your financial flows, protecting your customers, and making your teams' daily lives easier. And by choosing a solution like the one offered by Meelo, you benefit from a powerful tool , designed to adapt to your challenges, today and tomorrow.

Speak to a Meelo expert to integrate IBAN verification into your system

Contact our team for a personalized demo!

Discover all our articles

Meelo IBAN verification to secure payments

IBAN verification: a necessity in the face of the rise in banking fraud 

The IBAN, or International Bank Account Number, has become a central element in financial transactions, particularly in the context of SEPA transfers. Its role: to precisely identify a bank account in the international network. However, this identifier, however structured, can become a gateway for fraud.
According to the annual report of the Observatory for the Security of Payment Methods (OSMP), published in September 2024, bank transfer fraud represented €312 million in 2023. Nearly half of this fraud (48%) is "fake IBAN scams," whether involving bank account substitutions during exchanges, manipulation of intermediaries, or even online diversions. The scope of vulnerabilities is vast.
In this context, securing payments inevitably requires the systematic verification of IBANs before their use. Manual verification, while possible, is often a source of errors, tedious, and ineffective on a large scale. This need for reliability and automation explains why IBAN verification is now an essential building block of a secure payment system.

Read more
Explanatory diagram of Mobile ID: identity verification solution, component of the Meelo identity confidence score

Mobile ID: Optimize identity verification with our new component

At Meelo, we pride ourselves on constantly innovating to offer you ever more powerful solutions. To meet the growing need for security and fluidity in user identification, we are pleased to introduce Mobile ID, a key component integrated into our Identity Trust Score for Individuals.
Mobile ID allows you to verify identity information more efficiently by relying on data provided by telephone operators. This new identity verification solution optimizes the accuracy of our scores and helps you better protect your business against fraud attempts.

Read more
FIDA, Open Finance

FIDA: supervising the open finance with confidence

The FIDA (Financial Data Access) regulation is a continuation of the DSP2 directive, by expanding the opening of financial data to new sectors. Where DSP2 mainly focused on banking data, FIDA aims to go further: insurance, savings, credit, investment ... so many areas concerned by this new European regulation.

Read more
Anti-fraud metric

The keys to understanding the metrics of meelo anti-fraud tools

Let us continue our Immersion behind the scenes of the Meelo solution with a focus on the evaluation metrics used in our tools to combat fraud. If the Gini index remains a historic and recognized standard in the banking sector, our engagement for ever more efficient and responsible detection pushes us to go further and to integrate the most relevant metrics on the market. It is in this perspective that we have chosen to adopt, in addition to the Gini, an even finer measure in its probabilistic reading: the Brier Score. Our goal? Offer you a precise reading of your predictions and increased confidence in your decision -making. Explanations!

Read more