Faced with the multiplication and complexity of documentary fraud, players in the financial sector no longer have the luxury of approximation. PwC Luxembourg has understood this, and announces a partnership with Finovox, a specialist in documentary verification, in order to strengthen its support and control systems.
Through this partnership, PwC Luxembourg and Finovox are laying the foundations for a common fraud detection approach, designed to respond to the operational realities of the Luxembourg market.
PwC Luxembourg, a reference partner for the financial sector
Recent Finovox partner, PwC Luxembourg is a professional services firm and a key player in the Luxembourg financial sector. It provides its clients with audit, tax and advisory services, which cover management consulting, transactions, financing and regulatory advice at the same time.
With more than 3,800 employees from 90 different nationalities, PwC Luxembourg supports a diversified clientele. Local entrepreneurs, SMEs, but also large multinationals operating in Luxembourg and the Greater Region.
Its role goes beyond the simple provision of services, since the firm helps its clients create value, secure their operations and optimize their financial performance. All this while contributing to the smooth functioning of capital markets.
The Luxembourg market faces growing fraud challenges
The Luxembourg market is undergoing a Significant rise in document fraud, which particularly affect the financial and insurance sectors.
Between 2023 and 2024, cases of document forgery increased by more than 240%, and more than 80% of banks in Luxembourg report having faced at least one attempt at document fraud.
Figures that illustrate the extent of the risks that financial institutions face, and that highlight the need to strengthen control mechanisms.
To deal with this situation, businesses are looking for reliable and innovative solutions to protect their interests and those of their customers. As pointed out Matt Moran, Head of Alliances at PwC Luxembourg:
“At PwC Luxembourg, we are constantly looking for smart, innovative and pragmatic solutions to help our clients grow their business and mitigate emerging risks. The collaboration with Finovox fits perfectly into this approach. Their technology is efficient, which allows us to integrate it pragmatically into our processes and to bring even more value in our support to customers in dealing with these issues.”
A strategic partnership between PwC Luxembourg and Finovox
Finovox, a French company specialized in documentary verification, has thus concluded a collaboration agreement with PwC Luxembourg. The agreement provides for PwC Luxembourg to integrate Finovox technology into its consulting offer, in order to provide its customers with a reinforced and automated control system.
“In today's economy, document fraud is threatening this security like never before. At PwC Luxembourg, we collaborate closely with Finovox and integrate its technology into our investigation processes, because it meets one of the fundamental needs of our customers: trust. This relationship strengthens our ability to detect fraud in advance and to improve the integrity of information, guaranteeing our customers that they can operate safely in an increasingly complex and digitized environment.” Michael Weis, Head of Anti-Financial Crime and Forensic at PwC Luxembourg.
Marc de Beaucorps, Co-founder and CEO of Finovox recalls:
“This collaboration marks an important step in our European expansion strategy. The involvement of PwC Luxembourg and its investigation team, in choosing to implement our solution and share it with its customers, testifies to a level of trust and recognition of our technology among the key players in audit, taxation and consulting.”
The role of Finovox in strengthening anti-fraud controls
Since its creation in 2019 by Marc de Beaucorps, Théophile du Portal and Pierre-Alexis Gouzien, Finovox has established itself as one of the main actors in the fight against fraud documentary.
The software solution developed by Finovox, already adopted by PwC Luxembourg and other companies, such as Bouygues Telecom, Orange Bank or Allianz Direct, makes it possible to secure the processing of sensitive documents by detecting falsifications.
The platform covers the entire document management cycle and is based on four main modules, designed to simplify and make fraud detection more reliable:
- Document Processing (automatic document processing).
- Document Validation (compliance analysis).
- Fraud Analysis (analysis of the coherence and integrity of the content).
- Case Investigation (investigation and production of evidence reports).
Concrete benefits for Luxembourg financial institutions
The partnership between PwC Luxembourg and Finovox allows the clients of the Luxembourg firm to benefit from a faster, reliable and exhaustive verification of their financial documents, while reducing operational and reputational risks.
Beyond the local advantages for financial players, this collaboration also marks an important step in Finovox's European expansion. Among other things, it shows that the solution can be adapted to different regulatory frameworks and sectoral needs.
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