IBAN validators only check the format of IBANs, not their validity. They don’t check:That the bank account actually exists orWho the recipient is.Even using the best-in-class tool might validate a null IBAN, resulting in a return of funds.This process also leaves a huge security gap in your account validation process. If you use free IBAN validators to check your supplier’s credentials, it exposes you to wire transfer scams.Wire transfer fraud takes various forms:Vendor fraud: fraudsters impersonate your suppliers to get you to send them unauthorized funds.CEO fraud: scammers pretend to be your CEO to ask you to wire funds.Internal fraud: employees approve payments for fake or illegitimate invoices.None of these frauds can be prevented by checking IBAN.An anti-fraud solution like Trustpair protects you against financial fraud by doing 3-way matching. When checking IBAN, we check:The bank account digits are correct and the account is valid.The account belongs to someone.Both pieces of information match.IBAN validators also aren’t efficient. If you want to check several bank numbers internationally, you’ll have to do it manually one by one. It’s OK if it’s an occasional task, but not if you’re a company that deals with various international suppliers.In this case, it’s more efficient — and secure — to use a first class solution like Trustpair. Our solution detects IBAN mistakes but also fraudulent attempts, supporting your anti-fraud strategy.