Third-Party Due Diligence Proces – Everything You Need to Know

Due diligence is the primary part of building a business relationship. Be it an individual or entity, conducting due diligence helps a business analyze the amount of risk associated with someone. In compliance, the term is often related to third-party due diligence. Conducting due diligence allows compliance teams to make informed decisions on whether or […]

third-party due diligence best practices

ID Verification for Wealth Management Companies

In today’s fast-paced digital world, where financial transactions occur across borders and online platforms, the need for robust identity verification has become paramount. Wealth management companies, tasked with safeguarding the assets and interests of their clients, face increasing challenges in combating fraud, money laundering, and identity theft. In this blog, we will explore the importance […]

Understanding Ultimate Beneficial Owner (UBO) Verification

The Ultimate Beneficial Owner (UBO) is someone who owns or controls a business or owns a legal entity. Financial institutions are legally obligated to gather information on UBOs and the amount of risk that is associated with them. Financial businesses need to achieve regulatory compliance and enhance business security to handle risks that come along […]

Link Analysis for Fraud Detection

Link analysis is a powerful analytical technique that allows us to examine the relationships between entities or objects. In the context of fraud detection, link analysis can help us identify connections between individuals, transactions, and other data points that might indicate fraudulent behavior. In this guide, we’ll explore what link analysis is, how it works, […]

Making Great Customer Onboarding Experience

Even though we’re past the pandemic, its impact on digital experiences can’t be underestimated. It has changed how people access financial services. The digital revolution has increased the number of people who use a range of financial services across the globe. It has significantly impacted how people send and receive money, borrow, and save. With […]

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Vendor Fraud Practices and Prevention

Businesses often overlook fraud red flags. In the long run, this leads to monetary and reputational losses. Vendor fraud has become highly prevalent across several industries. When vendor fraud happens, the culprit could be someone from your own team or someone you trusted. It could also be a fake vendor that wasn’t verified properly. Every […]

Fintech Cybersecurity Best Practices

FinTech firms have become a favorite for fraudsters globally. According to a report, FinTech firms faced 2.5 times more attacks in Q1 2022. FinTech firms deal with sensitive customer data, so they’re a goldmine to fraudsters. The data stolen is used for financial fraud and only makes it that much harder to detect fraudulent activities. […]

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Due Care vs Due Diligence – Understanding the Difference

Maintaining the integrity of online accounts is more than challenging in today’s time. Regulatory bodies keep writing more and more laws to help businesses keep themselves and their customers secure. Financial institutions and FinTechs keep building cyber risk strategies to protect their customers from fraudsters online. This is one of the reasons why businesses need […]

Changes in Fraud Landscape

Digital banking has opened up more means for fraudsters to trick financial institutions, lenders, or end customers. To keep up, businesses have transformed their operations to provide valuable digital banking experience to customers, and combat fraud. Banks all over the world are now focusing on seamless onboarding experiences. But this rapid growth in digital banking […]

Fraud Risk Management Practices

According to a report by ACFE, organizations lose about 5% of their annual revenue to fraud annually. This is because businesses don’t focus much on common fraud risk management practices. This leads to companies not being able to protect themselves against fraud, and meet bottom-line compliance requirements. As more and more financial institutions are required […]

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