In Luxembourg, bank fraud is no longer a marginal phenomenon. In 2024, the Grand Ducal Police identified more than 7,000 cases of fraud, identity theft and breach of trust, a significant increase compared to the previous year. This alarming trend highlights the need for increased vigilance and a coordinated response to protect the integrity of the Luxembourg financial sector. What are the systems put in place? We take stock in this article.
In Luxembourg, the fight against bank fraud is based on a network of complementary actors. They each work, at their own level, to detect, prevent and curb fraudulent behavior.
Several public actors play a central role in the fight against document fraud and financial.
They frame the practices of the sector, ensure the supervision of operations and facilitate the transmission of information to the competent authorities. But who are they?
La Financial Sector Supervisory Commission (CSSF) oversees the entire financial sector.
She takes care of the compliance of practices and regularly issues warnings against suspicious or unauthorized entities.
For its part, the Financial Intelligence Unit (CRF), play a strategic role in collecting and analyzing suspicious transaction reports.
She acts like interface between banking institutions and judicial authorities. She actively participates in the detection of complex fraud, in connection with money laundering or the financing of terrorism.
THEAssociation of Banks and Bankers, Luxembourg (ABBL) is actively involved in the structuring the prevention system.
The association organizes awareness-raising workshops, broadcasts best practices and accompanies its members in setting up internal processes to combat fraud, while promoting technological innovation within the banking sector.
Even though Luxembourg is increasingly vigilant in the face of the risks of bank fraud, anti-fraud mobilization remains very heterogeneous depending on the size of the structures.
Large institutions equip themselves, train their teams and deploy automated solutions. On the other hand, SMEs and local public actors are still struggling to structure their response, due to a lack of resources or time.
This divide can sometimes create vulnerable ground, especially in inter-company collaborations.
Faced with this rise, the fight against bank fraud in Luxembourg can no longer rely on a single category of actors. It calls for cross-cutting mobilization, based on training, technology, coordination and deterrence.
La training remains the foundation of any anti-fraud strategy.
It is essential to train employees, especially in SMEs, in the most frequent falsification techniques.
This increase in competence should concern not only financial teams, but also HR services, Commercials or legal. Indeed, they are often on the front line when it comes to sensitive documents.
Prevention cannot remain the business of a few major institutions.
It is necessary to coordinate awareness campaigns at the national level, jointly supported by public authorities, professional federations, technological players and the media.
The objective? Inform, empower and make it easier to report fraud, including in non-banking contexts (real estate, insurance).
In terms of innovation, specialized companies such as Finovox offer technologies for the automated detection of falsified documents, based on artificial intelligence.
These tools make it possible to identify visual inconsistencies, alterations or subtle fraud on documents. Identity documents, supporting documents or pay slips, check the integrity of your files with Finovox!
To find out more about the Finovox solution, do not hesitate to contact a Finovox expert.
