Blogs
Building the future of fintech.
20 Internal Controls Methods That Businesses Can Use for Fraud Detection and Prevention
Businesses all over the world lose billions of dollars to internal and external fraud. Unfortunately, this kind of fraud is easily preventable with a little bit of strategy and reinforced structures. According to a survey conducted in 2018 by the “Association of Finance Professionals (AFP) Payments Fraud and Control Survey” 78 percent of businesses were […]
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Best Practices for Keeping Millennials Hooked to Account Onboarding
Banking has gone digital, and when was the last time you went to a physical bank? Traditional brick-and-mortar banking is slowly becoming obsolete, over the last six months, 40% of Americans haven’t stepped foot in a traditional bank. Most generations are in favor of digital banking as it saves time and offers all the features […]
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What Businesses Should know about ID Fraud
It’s pretty clear now that identity fraud isn’t going anywhere, the threat of identity fraud is evolving. In the last couple of years, the number of identity fraud has grown steadily. The overall cost of identity fraud is $42 billion for businesses. Now that the pandemic has adversely affected businesses, the threat of identity fraud […]
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Understanding Artificial Intelligence & Identity Fraud Solutions
In December 2020, 4iQ discovered a single file with the personal data of over 1.4 billion people which is the largest database found to date on the dark web. What was even scarier was that none of the passwords were encrypted and the passwords that were tested turned out to be authentic. This is a […]
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5 Strategies Businesses Can Use to Prevent Digital Payments Fraud
Digital payments have grown at an exponential rate since the pandemic changed the banking industry into a digital-first. To prevent and detect digital payments frauds, today’s finance and regulatory teams can use a series of tools and technologies. Combining these strategies with techniques like IP whitelisting, VPNs, corporate firewalls and antivirus solutions can allow businesses […]
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Five Ways to Tackle the Growing Money Laundering Problem
Banks, financial institutions, and other organizations face countless challenges every day to keep their business secure from fraud. Keeping track of all the anti-money laundering regulations and making use of the latest and most efficient technology to tackle the money laundering problem can be tough. This is basically an endless battle against fraudsters who try […]
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What Is AML: DIRO’s Role In AML Compliance
Anti-money laundering (AML) is a set of laws, regulations, and proceedings that were made to prevent criminals, cyber attackers, and even businesses from disguising funds acquired using illegal methods as legal money. Firstly, the illegal funds are covertly introduced into the legit financial system, then the money is moved around so the government and regulating […]
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Blockchain for Fraud Prevention: How Blockchain Works?
Blockchain technology has been around for a long time, and it is still growing. A lot of people wonder how does blockchain secure data and how blockchain works. Regardless of all its benefits, there are a lot of mixed feelings towards blockchain technology. It doesn’t matter how mixed the reviews of the technology are, the […]
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How to Prevent Fraud in KYC/AML for Online Business?
Due to the digitization of the world, the interactions between businesses and consumers are on the rise. As businesses are switching to digital methods of transactions, commerce is becoming global instead of sticking to one particular region. With the rise of digital services, the problem of document verification and how to build trust among your […]
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Blockchain Technology for KYC Verification
Blockchain is a good solution for KYC verification, not a lot of people would agree with it but using blockchain for KYC is a crucial step in ensuring secure and fast compliance. With the pandemic changing industry standards, KYC automation stands to revolutionize payments, customer onboarding, and so on. It only makes sense to use the […]
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