The Growing Threat of IBAN Fraud
IBAN fraud has become one of the fastest-growing types of financial crime. Criminals intercept payment instructions, substitute a legitimate IBAN with their own, and vanish with the transferred funds. Once a bank transfer is completed, it is extremely difficult to recover the money.
Common IBAN Fraud Techniques
1. Email Interception (Man-in-the-Middle)
Fraudsters compromise email accounts — either yours or your supplier's — and monitor for invoices. When one is sent, they intercept it, change the IBAN, and send the modified invoice on. You pay the fraudster's account thinking it's your supplier.
2. Fake Invoices
Criminals impersonate trusted suppliers, sending invoices with their own IBAN. They often use convincing email addresses that are just one character different from the real address.
3. Phone Scams
Someone calls claiming to be from your bank, tax authority, or a company you do business with, and asks you to transfer money to a "safe account" using an IBAN they provide.
How to Protect Yourself
- Always verify IBAN changes by phone. If a supplier emails to say their bank account has changed, call them on a number you already have (not one in the email) to confirm.
- Validate the IBAN before transferring. Use our free IBAN validator to check the country and bank match what you expect.
- Check the bank code. Our tool identifies the issuing bank. If the bank name doesn't match your supplier's country or known bank, be suspicious.
- Never rush. Fraudsters create urgency. A legitimate business will understand if you need 24 hours to verify payment details.
- Use secure communication channels. Don't send IBANs over unencrypted email.
What to Do If You've Been Defrauded
Contact your bank immediately — speed is critical. Report the fraud to your national police and financial authority. The bank may be able to freeze the recipient account if you act quickly enough. Document everything.
The IBANFix Commitment
IBANFix helps you take the first protective step: validating IBANs and identifying issuing banks before you transfer. We never store the IBANs you check, ensuring your financial data stays private.