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 […]

How to Prevent Account Takeover Fraud?

Account takeover fraud (ATO) happens when an unauthorized person takes over a normal user bank account. Fraudsters take every measure to try and control an account. Once they have an account under control, fraudsters apply for a new card or change basic account information. In this guide, we’ll be talking about account takeover fraud, and […]

Using AI for Fraud Detection in Banking

In 2022 and after, more than 50% of all financial institutions plan to use AI to detect and prevent fraud. The use of artificial intelligence (AI) to detect and prevent fraud is not new. But, the fight has just gotten tougher as fraudsters have derived new methods to combat AI methods. Especially after the Covid-19 […]

Importance of ID Verification for Buy Now Pay Later Providers

The Buy Now Pay Later (BNPL) sector has seen tremendous growth in the last couple of years. Especially because it is giving customers an option to pay for things later that they buy right now. But the service providers and the sector itself have faced some criticism from consumer interest groups and Financial Conduct Authority […]

NeoBanks vs Traditional Banks – What’s the Difference?

Have you noticed new companies popping out of nowhere, offering great credit cards, bank accounts, and other financial services? Companies with a massive digital footprint, but almost zero physical footprints. Welcome to the world of digital banking. Digital banking or Neo-Banking is the next natural step that the financial industry will take, at least according […]

Identity Identification vs Identity Verification

Fraudsters love to come up with new methods to commit fraud, launder money, or steal money. A growing number of fraudsters also impersonate real customers for getting access to their accounts. As more and more transactions happen online today, businesses are facing a number of threats such as card fraud, phishing attacks, and electronic transfer […]

Mobile Fraud – How Does it Work, How to Prevent it?

Chances are that you’re reading this blog on your smartphone. That’s because over 60% of all online traffic comes from smartphones. We use our mobile phones for a lot of things, online accounting, social media, emails, and so much more. We carry it with us all the time and use it for every small thing. […]

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 […]

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