As digital interactions become increasingly central to financial and insurance services, the risk of document fraud is rising across Europe. To address this challenge, PwC Luxembourg and Finovox have joined forces, combining PwC’s forensic expertise and local market knowledge with Finovox’s cutting-edge document verification technology. This collaboration aims to help organisations detect manipulated documents faster, strengthen compliance, and protect the integrity of sensitive information. 

In the following interview, Michael Weis, Partner, Forensic Services and Anti-Financial Crime Leader PwC Luxembourg and Marc de Beaucorps, CEO and Founder of Finovox, discuss the drivers behind document fraud, the benefits of their alliance, and how innovative technology is transforming fraud prevention and risk management.

1. What is behind the recent surge in document forgery, particularly within the financial and insurance sectors?

Michael Weis: “We are seeing a significant rise in document manipulation because digital tools have become extremely easy to access and use. People can now alter scans, photos, or PDFs with minimal effort, and in many cases, it is impossible to verify the original source once a document has been copied, re-scanned, or photographed. In addition to classical easy-to-use tools, we have now GenAI tools available freely on the internet, that make complete fakes even easier and consequently numbers are going through the roof.

Reporting, for example in a recent Financial Times article, highlights this trend in the UK, showing how fraudsters take advantage of weak origin verification. The same issues apply broadly: once the chain of authenticity is broken, the risk of fraud increases substantially. This makes it essential to use specialised tools capable of analysing how a document was produced and detecting signs of manipulation.”

2. How prevalent is document fraud among your clients, and what unique challenges does this pose?

Michael: “Most clients are simply not equipped with the right tools, let alone the expertise to correctly interpret potential cases. They are simply so good in most cases now, that it is extremely difficult, or even impossible to detect such fraud attempts without proper technology assistance. However, tools can flag anomalies, but knowing whether an alert indicates genuine fraud, normal document behaviour or a benign irregularity requires experience in forensic review and fraud investigation. 

Clients often find themselves asking: “I have an alert, what do I do now?” Without expertise, they risk both false positives and overlooked risks. It is like in AML transaction monitoring; false positives are always a challenge to manage. On top of that, fraudsters continually adapt to obscure the document’s provenance. This can only be countered by assessing the holistic context and not to narrow focus on alerts only because these behaviours make fraud harder to detect and create a need for both technology and expert interpretation.”

3. Can you describe the goals and expected benefits of the new collaboration between Finovox and PwC Luxembourg?

Marc de Beaucorps: “The purpose of this collaboration is to jointly tackle the growing issue of document fraud in the Luxembourg market, which is a major centre for financial and insurance services. Finovox brings its advanced technical tools for detecting document manipulation, while PwC contributes its expertise, its trusted reputation, and its extensive local network. Together, the two organisations aim to strengthen fraud prevention capabilities across sectors where document integrity is critical.”

4. How is PwC addressing these challenges?

Michael: “PwC combines technology with managed services to provide a full end-to-end response. Tools such as Finovox help detect how a document was produced and identify patterns associated with manipulation, but the real value comes from expert interpretation. Our teams analyse alerts, validate whether they reflect genuine risk, and recommend complementary controls when digital analysis alone is not sufficient. In some scenarios, the tool may not be able to fully assess the document, and that’s where human-led investigation and additional verification methods become essential.

By offering managed services, we ensure that clients receive not just alerts, but actionable insights and proper risk mitigation. We offer this in various modules, ranging from deep analysis of selected high-risk scenarios to more volume based and more simplified controls depending on our clients' needs. We can provide the full service or just occasionally increase the capacity of our clients.”

5. How is Finovox addressing these challenges?

Marc: “Finovox provides technology capable of detecting fraudulent documents of any format and in any language, a key advantage in a multilingual market like Luxembourg. The solution identifies manipulations such as digital forgery, AI-generated content, or inconsistencies between the document’s appearance and its expected structure.

It processes files within seconds and supports three main use cases: sensitive onboarding processes (e.g., banking, insurance, gambling, social housing), financing activities, and claims management."

6. How does integrating Finovox’s verification technology enhance PwC Luxembourg’s consulting services for clients?

Marc: “PwC’s teams have repeatedly been approached by clients seeking help with document-related fraud and investigations. Until now, PwC had to rely solely on ad-hoc forensic tools for investigations only. With access to Finovox, PwC’s forensic and consulting teams can conduct prevention and detection work more efficiently and with greater precision in addition to the classical investigation approach . The tool strengthens PwC’s ability to validate documents, support clients in fraud cases, and respond to growing demand for expertise in this area.”

7. In what ways does Finovox’s solution help detect fraudulent activity earlier and improve the reliability of information for clients?

Marc: Finovox analyses documents in real time, immediately upon receipt.  Before such technology existed, sensitive documents went straight into core business processes (financing, claims, onboarding) and were only escalated to anti-fraud teams once an issue appeared. With Finovox, every sensitive document is first screened by the anti-fraud layer. Only validated documents proceed to business teams, enabling faster, more reliable decision-making without slowing down operations.

8. How does the collaboration with PwC Luxembourg fit into Finovox’s broader European expansion strategy?

Marc: “Finovox began as a Paris-based company, but because document fraud is a global issue and there are few robust tools in Europe, the company naturally expanded beyond France. Luxembourg emerged as a key hub due to its strong financial ecosystem, making it a strategic market for deeper collaboration. The alliance with PwC Luxembourg supports this European growth, complementing Finovox’s expansion into Spain, Germany, the Benelux region, and the UK. Finovox also collaborates with PwC France, making this alliance part of a long-term European strategy.”

9. Can you share examples of how Finovox’s technology has been implemented in workflows to provide additional value to clients?

Marc: “Finovox integrates into client workflows across three main use cases:

• Banking onboarding: screening sensitive documents during account opening processes;

• Financing activities: analysing financial documents submitted to support credit decisions and refund procedures;

• Insurance claims operations: detecting manipulated documents submitted during claims processes.

In each case, Finovox helps automate verification, reduce fraud risks, and shorten processing times.”

10. What distinguishes Finovox’s document fraud detection software in the market, and who are some of your key clients?

Marc: “Finovox stands out because it can analyse any type of document in any language, detect multiple forms of manipulation, including forgery and AI-generated content, and deliver results in seconds. Its flexibility makes it suitable for high-risk, document-intensive sectors. The company works with clients across banking, financing and insurance, including well-known financial institutions and digital service providers (with specific client names anonymised where required)."

11. How important is trust in today’s digital economy, and how does Finovox’s technology contribute to maintaining that trust?

Michael: “Trust is absolutely critical, especially as more financial interactions shift online. Manipulated documents, particularly those used in KYC processes, can allow actors who should not access the financial system to slip through undetected. Even if the manipulation does not immediately lead to monetary loss, it weakens the integrity of the entire regulatory and compliance framework. Finovox strengthens trust by analysing multiple layers of metadata, using various algorithms to assess how a document or image was produced. If a file shows characteristics of tools known for manipulation, this becomes a risk indicator that should influence the client’s assessment and trigger further controls. In short, the technology helps ensure that only legitimate, trustworthy documents enter financial workflows."

12. Can you offer us a case study or two in AML?

Michael: “A classic example, seen frequently in both AML and broader fraud work, involves manipulated payment instructions. Fraudsters, either external cyber-criminals or internal employees, obtain a legitimate invoice and alter only the bank account number. Everything else appears genuine, so the payment is mistakenly diverted to a fraudulent destination or unknown beneficiaries. This type of fraud is simple to execute with today’s digital tools and occurs regularly. It highlights why document integrity is crucial: even small alterations can have significant financial impacts.

Another common AML-related risk is the manipulation of KYC files. In these cases, the goal is not to steal money directly, but to help an individual or entity that should not access the financial system to pass onboarding checks using fabricated or altered documents. This can have long-term regulatory implications even if no immediate financial loss occurs. 

What is super important to highlight here is that the new AML regulations that will be applicable in Luxembourg as part of the move to the AMLA, explicitly requires such controls. The current draft Regulatory Technical Standard (RTS) on CDD issued by AMLA explicitly asks in Art. 5 and 7 for the risk-based verification that KYC information has not been forged or tampered with. This sounds innocent and makes a lot of sense, but without a system like Finovox, good luck with the implementation of this. Many compliance experts have not yet understood the implications of this.”

13. Can you offer us a case study or two in areas other than AML?

Marc: “A common use case outside AML is insurance claims management. For example, a customer may submit a manipulated invoice or receipt to increase the value of a claim. Finovox detects signs of alteration, preventing fraudulent payouts and protecting insurers from financial losses.

Another example appears in consumer finance or credit applications, where applicants may modify payslips, tax documents, or bank statements to artificially inflate affordability metrics. Finovox flags inconsistencies or traces of forgery, enabling lenders to make safe, compliant decisions while reducing manual review time.”

14. What other industries could Finovox’s solution be applied successfully?

Marc: “Finovox’s capabilities extend beyond finance and insurance. The technology can support any industry that relies on sensitive documents for onboarding, verification, or compliance — such as gambling, social housing, mobility services, telecom, and public-sector organisations. Essentially, any sector where identity, proof of income or supporting documents are required can benefit from it."

Want to know more? PwC Luxembourg & Finovox