Cases of document forgery have surged dramatically in recent years, rising by more than 240% between 2023 and 2024, with the financial and insurance sectors being particularly affected. In Luxembourg, over 80% of banks report having faced at least one attempted document fraud.
In this context, Finovox, a French company specialising in document verification, has entered into a collaboration agreement with PwC Luxembourg. Under this arrangement, the audit, tax and advisory firm will use Finovox’s technology and integrate it into its consulting offering, making it available to its clients.
This collaboration pursues the objective of enhancing fraud detection capabilities within PwC Luxembourg’s assignments, PwC integrates Finovox’s solution into its client service offerings, particularly for financial sector clients. This integration helps streamline document verification processes and strengthen anti-fraud systems.
"In today’s economy, trust is everything and document fraud threatens that trust like never before. At PwC Luxembourg, we closely collaborate with Finovox’s technology and integrate it into our investigative processes because it will deliver what our clients need: confidence. This relationship strengthens our ability to detect fraud early and enhance the integrity of information, ensuring our clients can operate securely in an increasingly complex and digital environment."
"This collaboration marks an important milestone in our European expansion strategy. The involvement of PwC Luxembourg and its prominent forensic team, in choosing to implement our solution and share it with its clients, suggests a level of trust and recognition in our technology among key figures in the audit, tax, and consulting industry players in the audit, tax and consulting industry."
"At PwC Luxembourg, we are constantly seeking smart, innovative and practical ways to help our clients in growing their business and mitigate emerging risks. Collaboration with Finovox fits well in this agenda. Their technology is sharp, so we can adopt pragmatically into our workflows, and bring further value to how we help clients tackle such issues."
Finovox is a solution specialised in document fraud detection.
This AI-based cloud software instantly reduces document fraud by a factor of 6. It detects and explains falsifications on documents. Where a manual check on the document can take up to 10 minutes, Finovox takes 10 to 40 seconds.
Around 500 different checks are made on each document, and the number of checks is growing continuously.
In 2024, Finovox expanded its operations to Luxembourg, and was a finalist in the ACA Innovation Award, addressing growing demand forfraud prevention.
Finovox is based on three building blocks:
Luxembourg does not have a unified framework for document fraud detection across all industries.
Controls and compliance obligations are fragmented by sector.
Financial Sector
Other Sectors
The European Anti-Money Laundering Authority (AMLA) draft introduces a cross-sector obligation:
