| Banque Internationale à Luxembourg (BIL) selects Clearstream to Consolidate Fund Execution and Distribution Services | https://www.bil.com/en/bil-group/pressroom/news/Pages/bil-selects-clearstream-to-consolidate-fund-execution-and-distribution-services.aspx | Banque Internationale à Luxembourg (BIL) selects Clearstream to Consolidate Fund Execution and Distribution Services | | <p>Through Clearstream’s integrated fund servicing platform, Vestima, BIL will streamline operations across mutual funds, ETFs, and alternative investment vehicles, enhancing efficiency and scalability. Centralizing fund servicing with Clearstream will strengthen BIL’s ability to deliver high-quality services to clients and distribution partners while extending its reach via Clearstream’s broad network of fund distributors and investors.</p>
<p>Clearstream’s fund distribution services will support BIL in broadening market access while maintaining high standards of transparency, compliance, and service excellence.</p>
<p>Both institutions are headquartered in Luxembourg, a globally recognized center for fund administration and cross-border distribution. This collaboration reinforces the country’s role as a leader in fund servicing, regulatory stability, and financial innovation.</p>
<p><b>Isa Scheunpflug, Chief Operating Officer of Banque Internationale à Luxembourg</b> commented:<br>“<i>Partnering with Clearstream is a key milestone in our strategy to grow our investment fund business and expand our distribution footprint. Leveraging Clearstream’s infrastructure allows us to simplify operations, scale efficiently, and reinforce our commitment to Luxembourg as a global hub for fund innovation and cross-border distribution. Through this collaboration, we are able to enhance our client offering through facilitating access to a wider range of investments.</i>”</p>
<p><b>Philippe Seyll, CEO for Clearstream Fund Services</b> added:<br>“<i>We are proud to support BIL. Our shared Luxembourg heritage and global capabilities make this partnership both a natural fit and a powerful enabler of BIL’s strategic ambitions. Together, we are contributing to the continued growth and international reach of Luxembourg’s fund ecosystem</i>”</p> | 04-Nov-25 9:00:00 AM | EN | BIL has chosen Clearstream, Deutsche Börse Group’s post-trade services provider, to consolidate its entire investment fund execution, processing and distribution services. | | |
| Our priority: protecting our clients and protecting the Bank against fraudsters | https://www.bil.com/en/bil-group/pressroom/news/Pages/Our-priority-protecting-our-clients-and-protecting-the-Bank-against-fraudsters.aspx | Our priority: protecting our clients and protecting the Bank against fraudsters | | <p>“<i>We know that behind every fraud case there are victims, some of whom find themselves in great difficulty. We are doing everything we can to support them as best as possible and to prevent these situations from happening again</i>,” commented Jeffrey Dentzer, CEO of BIL.</p>
<p><b>A growing and organized threat</b><br>In 2024, the Grand Ducal Police recorded close to 6,400 cases of fraud in Luxembourg , a number that continues to rise. Fraudsters are increasingly well-organised and they use sophisticated methods: fake websites imitating banks websites, fake invoices, misleading sponsored links on search engines, text messages, phone calls from fake advisors... While security measures are regularly adapted and strengthened and awareness campaigns are multiplying, they still do not prevent clients from falling victim to these fraud attempts.</p>
<p><b>Measures implemented by BIL when a case is detected</b>
<br>For each case detected, the Bank quickly implements a series of measures:</p>
<ul class="list-check">
<li><b>Blocking client accounts:</b> as soon as fraud is detected, BIL blocks the affected accounts, cards, and the LuxTrust certificate.</li>
<li><b>Blocking outgoing funds:</b> the Bank blocks transfers to the fraudsters’ accounts.</li>
<li><b>Funds recall:</b> the Bank contacts the banks to which the money was transferred to recover the funds.</li>
<li><b>Systematic reporting:</b> each fake website is reported to the website hosts and search engines so it can be quickly deactivated.</li>
</ul>
<p><b>When the fund couldn’t be recalled</b>
<br>In some cases, despite all the measures taken, the funds transferred by the fraudsters cannot be recovered because they have already been transferred elsewhere.
In the case of the malvertising campaign that took place in July, for example, three quarters of the transfers attempted by the fraudsters were successfully blocked before execution. We were also able to recall part of the funds that had already been transferred to the fraudsters’ accounts. For other clients, unfortunately, this recall did not work. The money was moved too quickly and was no longer in the account, often abroad, used by the fraudsters.</p>
<p>BIL closely monitors each case. Judicial and banking proceedings are underway. As they involve several jurisdictions and financial institutions, these proceedings will be long and complex, and do not guarantee the recovery of funds.</p>
<p>“<i>We understand that this uncertainty is difficult for victims. That’s why we are doing everything we can to provide rigorous follow-up. We are working closely with the authorities and the Luxembourg financial sector</i>,” added Nicolas Remarck, Head of Cybersecurity.</p>
<p><b>Filing a complaint with the Public Prosecutor</b><br>
BIL, which is also a victim in this matter, has decided to file a complaint with the Public Prosecutor Office of the Luxembourg District Court, while reserving the right to bring a civil case. It is now up to the justice system to conduct its investigation. We have also filed complaints with the foreign banks to which the money was fraudulently transferred to and with the search engine that was the entry point for this attack.</p>
<p><b>Our commitment</b>
<br>Aware of the financial and psychological impact of these frauds on the victims, BIL has launched a review of its fraud case management process in order to:</p>
<ul class="list-check">
<li>Shorten the response time for victims.</li>
<li>Enhance communication and personalised follow-up with clients.</li>
<li>Make the steps clearer and easier for clients to follow.</li>
</ul>
<p>To respond to constantly evolving digital fraud scenarios, BIL is also committed to continue:</p>
<ul class="list-check">
<li>Improving its support to clients.</li>
<li>Raising regularly public awareness on the different fraud scenarios.</li>
<li>Investing in cybersecurity.</li>
</ul>
<p>The fight against fraud is a collective one: it involves banks, judicial and police authorities. It also requires the vigilance of everyone. Protecting our clients against fraudsters is our absolute priority. </p>
<h2 class="title-1" style="margin-bottom:15px;margin-top:30px;">Annexes - How fraud works and how to protect yourself from it</h2>
<p>In recent months, numerous fraud attempts have targeted residents and businesses in Luxembourg. Like other banks, BIL has observed that fraudsters are using increasingly sophisticated techniques to deceive clients: fake websites imitating those of banks, fake invoices, sponsored links on search engines, text messages, calls from fake advisors... The goal of these malicious groups: to trick clients to get their personal data or online banking passcodes, access their bank account and make transfers. </p>
<p>Each case of fraud is specific. While we cannot detail them all, we can try to explain the complexity of the scenarios put in place. Let’s take the example of a malvertising campaign, in other words, an online advertising campaign set up to lure clients to a fake banking website.</p>
<p><b>The stages of a malvertising campaign</b></p>
<p><b>1. Preparatory phase</b></p>
<p>To try to obtain clients’ login details, fraudsters develop and activate a fake website, copying the login page of a bank in every detail. The URL used contains all or part of the name of the targeted company.</p>
<p class="box-message is-info">It is impossible for a company to acquire all domains containing its name. A change of a letter or a punctuation mark is generally used, but the combinations are limitless.</p>
<p>To attract clients to this website, fraudsters set up a sponsored link on search engines to ensure being listed at the top of search results, thereby increasing visibility and luring unsuspecting users to a fraudulent website.</p>
<p><b>2. Materialisation of the fraud</b></p>
<p>On their computer or tablet, the client uses a web browser and a search engine to find the Bank’s website. The client clicks on the sponsored link placed at the top of the results and lands on the fake website.</p>
<p>The client enters their login details on the fake site, which are collected in real time by the fraudsters. Simultaneously, the fraudsters use these credentials and password to log in to the client’s account on the Bank’s real website.</p>
<p>The client, still on the fake website, approves the fraudsters’ login with the LuxTrust Mobile app, thinking they are approving their own connection. The fraudster, now connected to the client’s account, creates a new beneficiary to make a transfer. They prepare the transfer, which must be validated with LuxTrust Mobile.</p>
<p>Meanwhile, the client is still on the fake website. A message tells them that due to a technical problem, they must approve their connection again. The LuxTrust Mobile app presents a new message to the client. This time, the message shows the IBAN of the recipient account and the transaction amount. The client does not read this message and approves the transfer.</p>
<img src="/PublishingImages/site-groupebil/news/lt1.png">
<img src="/PublishingImages/site-groupebil/news/lt2.png">
<p class="box-message is-info">A LuxTrust validation is equivalent to a handwritten signature. While technological advances allow the entry of a code (as was the case with the physical Token) to be replaced by faceID or fingerprint, it remains a validation with legal value.<br>
It is therefore extremely important to be vigilant when you approve an action on LuxTrust and to carefully read the details of this action. If the information is suspicious, cancel the operation and if in doubt, contact the Bank or Worldline immediately.</p>
<p><b>Discovery of the fraud and implementation of protection measures</b></br>
Clients, realizing they have just been victims of fraud, can call BIL at <a href="tel:+35245905000">45 90 5000</a> during opening hours or the Worldline service at <a href="tel:+352491010">49 10 10</a> on evenings and weekends. This number is a service shared by banks in Luxembourg.</p>
<p>After analyzing the situation and the scenario, the Bank and Worldline implement additional protection measures: account blocking, deactivation of the LuxTrust certificate, blocking of transfers to recipient accounts used by fraudsters, reporting of the sponsored link to the search engine and of the fraudulent website to the host, and recalling the funds.</p>
<p><b>Funds recall procedure</b><br>
When the transfers could be stopped directly, the transaction is void and does not impact the client. If the transaction went through, the Bank follows the fund recall procedure, which is quickly and automatically implemented. However, the beneficiary’s institution can take up to 4 weeks to respond. If these attempts succeed, the funds are returned to the clients.</p>
<p><b>How to protect yourself</b><br>
Let’s recall some good practices to prevent fraud:</p>
<ul class="list-check">
<li>Use BIL’s mobile banking app.</li>
<li>If you use a web browser on your computer or tablet, do not use a search engine. Type the full address of the bank’s website yourself, <a href="https://www.bil.com">www.bil.com</a> and save this address in your favorites.</li>
<li>Always check the message from your LuxTrust app to confirm your login or to approve a transaction. This is equivalent to your signature.</li>
<li>Never give your banking credentials to a someone you don’t know. Your bank will never ask for them, neither by email, nor by SMS, nor by phone.</li>
<li>If in doubt, call BIL at <a href="tel:+35245905000">45 90 5000</a> during opening hours or Worldline at <a href="tel:+352491010">49 10 10</a> during evenings and week-ends.</li>
</ul>
<p>We also encourage clients to actively report any fraud attempts (such as phishing emails, fake websites, or suspicious messages) directly to the Bank, so that we can act quickly to protect everyone.</p>
| 09-Sep-25 1:00:00 PM | EN | In light of the recent waves of banking fraud affecting the entire financial sector, Banque Internationale à Luxembourg (BIL) reaffirms its commitment to the fight against cybercrime. | | |
| BIL and LIST launch chatbot evaluation project | https://www.bil.com/en/bil-group/pressroom/news/Pages/BIL-and-LIST-launch-chatbot-evaluation-project.aspx | BIL and LIST launch chatbot evaluation project | | <p><b>A strategic partnership for responsible AI</b></p>
<p>The joint initiative between LIST and BIL sets out to create a rigorous, science-based methodology and
software platform for the assessment of AI agentic systems. Robust evaluation of AI solutions is essential to
gain both user and customer trust, and to ensure that AI solutions in critical domains such as banking are not
affected by shortfalls in generative AI, such as hallucinations and bias. The project will focus on k ey pillars such
as robustness, fairness (i.e., lack of social bias), and human oversight — characteristics</p>
<p>“Generative AI is already transforming the banking industry” commented Olivier Gorin, Head of Digital Banking
at BIL. “Thanks to our collaboration with the experts from the LIST, we will get invaluable insights on Gen AI
technology. It will help us adapt future services to clients’ needs and improve personalization in a secure and
accurate way. This project is also a prime example of our commitment to a thriving Luxembourg innovation and
financial ecosystem."</p>
<p>The project will make the most of the capabilities of the <a href="https://ai-sandbox.list.lu/" target="_blank">LIST AI Sandbox</a> and further enhance its maturity and
Technology Readiness Level, making it applicable to a broader range of real-world use cases.</p>
<p>“This collaboration is a significant step forward in the evolution of the LIST AI Sandbox,” said Francesco
Ferrero, Head of the Flagship Initiative on Artificial Intelligence at LIST. “It already serves as a platform for
assessing the ethical, linguistic, and technical performance of AI systems. By integrating BIL’s real -world use
cases, we’re enhancing the AI Sandbox’s maturity and applicability in the financial sector —moving closer to a
scalable and market-ready framework for trustworthy AI deployment in mission-critical applications and
regulated industries.”</p>
<p>This project marks the first milestone of a broader collaboration aimed at advancing the responsible adoption of
AI at BIL and across the Luxembourg banking sector. It offers a replicable model for trustworthy AI assessment
and deployment. The initiative reflects both institutions’ commitment to putting trustworthy AI into practice —
ensuring it delivers operational excellence, meets regulatory requirements, and safeguards customer interests.</p>
<p><b>About LIST</b></p>
<p>The Luxembourg Institute of Science and Technology (LIST) is a research and technology organization (RTO) under the supervision of the Ministry of Research and Higher Education, and its mission is to develop competitive and market-oriented prototypes of products and services for public and private stakeholders.</p>
<p>With more than 760 employees, 78% of whom are researchers or innovators from all over the world, LIST is active in the fields of information technology, materials, space resources and the environment, and works across the entire innovation chain, from basic and applied research to technology incubation and transfer.</p>
<p>By transforming scientific knowledge into intelligent technologies, data and tools, LIST:</p>
<ul style="list-style:disc;margin-bottom:25px;">
<li>helps European citizens make informed choices</li>
<li>helps public authorities make decisions</li>
<li>encourages companies to develop</li>
</ul>
<p>For more information about the Luxembourg Institute of Science and Technology, please visit: <a href="https://www.list.lu/" target="_blank">https://www.list.lu</a></p>
| 23-Jul-25 8:00:00 AM | EN | Le Luxembourg Institute of Science and Technology (LIST) et la Banque Internationale à Luxembourg
(BIL) se sont associés dans le cadre d'un projet destinée à examiner et perfectionner des solutions
d’intelligence artificielle appliquées à la relation... | | |
