Know Your Customer’s Customer

KYCC is a great way to protect your business’s reputation and protect itself against financial crimes. KYC (Know Your Customer) protocols are too common and are known by almost every regulated business. But, have you thought about the level of risks your customers’ customer present to your business? The type of products and services your […]

How Identity Proofing Prevents Fraud?

Building trust online requires proof in today’s time. After the pandemic, it has become harder for businesses operating in the growing digital world needs to ensure that a customer is a real person. This is also known as “identity verification or Know your Customer” for businesses in regulated industries. There are several technologies that involve […]

What is Risk Based Approach to AML?

Money laundering is a severely growing problem, and it’s not limited to any one country. The United Nations Office on Drugs and Crime (UNODC) that money laundering figures worldwide will exceed the global 2% of global GDP ($1.7 trillion). Eurojust Report on Money Laundering, states that cases registered regarding money laundering have doubled within the […]

Common Challenges in Risk Management

It is almost impossible for lenders to measure and manage credit risk, based on the disruptive patterns in consumer behavior in the last 2 months. How can large banks ensure that their digital transformation programs are working perfectly? Managing risks is becoming tougher in today’s time, and businesses from all over the globe are implementing […]

First-Party Fraud, and How To Prevent It?

The word fraud is used almost every day today. It’s not always hackers sitting behind multiple screens who conduct these frauds. Ordinary people with a little bit of knowledge also conduct fraud. In reality, a lot of customers end up sharing their personal information with fraudsters unknowingly. These fraudsters use this information to rack up […]

Compliance vs Risk Management Process – Everything You Need To Know About it

According to surveys, 60% of top-level executives in the financial industry consider compliance and risk management as the two most complicated categories. Some surveys have showcased that a huge number of banks globally don’t have ideal techniques in place to maintain compliance. There are tons of misconceptions about compliance and risk management. While both of […]

different between compliance and risk management

Importance of Compliance Management

No business can survive without a list of rules and regulations. To maintain this compliance, businesses have to follow the rules and regulations that are related to their industry. Businesses consider “maintaining compliance” a challenge as the rules are always changing. If you fail to stay up to date on these compliance rules, it can […]

Managing Online Payment Fraud Efficiently

Banking has become digital. The payments sector has been especially impacted by digitization. But with the growing use of digital payments, fraudsters have found a new avenue for success. According to a 2022 payment fraud study, merchants spend an average of 10% of eCommerce revenue on fraud management. Every merchant and business needs to manage […]

What is Good Standing Verification and Why Does Your Business Need It?

Almost every business is asked to provide a good standing verification certificate. Only the state can issue the good standing certificate verification. It’s one document that every business should be able to provide when asked for it. Every business, LLC, or any other entity needs to have a good standing status in its records. This […]

Proof of Address Verification in Vendor Onboarding Guide

Onboarding a vendor without having proper guidelines in place can severely impact your business. Vendor onboarding fraud and the consequences that come along can be fatal for a business. So, how can you know the vendor you’re onboarding is the right is not a fraud? Every business regardless of its nature of business needs to […]

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