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Whoever first said “the customer is always right” obviously never dealt with chargeback fraud. Chargeback fraud, also known as friendly fraud, is an inaccurate request to reverse credit card charges and is potentially costly, can cause significant reputational damage and can lead to termination of important merchant accounts. It’s vital that online merchants and services deploy serious measures to counter this considerable risk.

Further complicating the situation, this type of fraud might not be intentional or perpetrated by bad actors. Instead, it might be a customer oversight or misunderstanding of how chargebacks work. …

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Any time you see a number of followers/fans on a social media account, do you wonder how many are real? It raises an interesting question: How can you tell if someone online is real, or if they’re a bot or some other synthetic identity? While these deceptive accounts often pose no real issues, bad actors are increasingly turning to synthetic identity fraud to commit financial crimes. Synthetic identities wreak havoc on traditional validation and authentication methods, costing businesses significant time and money.

The concept is to create fake identities usually based on combining fake information with actual ID data. One…

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Having a flowing process in the software development cycle has become crucial. As companies grow, software deployment becomes scrambled, leading to an increase in the number of bugs and errors. Continuous integration and continuous deployment/delivery (CI/CD) tools and best practices allow you to focus on the end-to-end delivery pipeline of JavaScript projects.

What is CI/CD?

CI/CD refers to the combined practices of continuous integration, continuous delivery and/or continuous deployment.

Continuous integration is the practice of automating everything around developing the code. New code changes are regularly built, tested and merged to a shared repository.

Continuous delivery is an approach in which teams produce…

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Current interest in cryptocurrency is substantial; Bitcoin and other tokens have smashed through previous highs and many exchanges are scrambling to increase transaction capacity. However, all this industry buzz has drawn increasing scrutiny from regulators who want fair and safe markets, free from money laundering and other financial crimes. All exchanges and money service businesses in the sector must ensure their Know Your Customer (KYC) and crypto compliance procedures are secure, robust and defendable.

Compliance teams need to have systems that are adaptable to quickly changing laws and regulations and can scale to meet the growing demand from international investors…

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Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA) became law in 2000, and is the Canadian federal-level law protecting personal information. Broadly speaking, it applies to private-sector businesses that operate in or have impact across more than one province (for example, railways, banks, radio stations). As of November 2020, it’s also joined the ranks of national and local privacy laws facing major overhauls in light of the challenges our increasingly online environment poses to protecting personal data.

A few recent examples of countries and areas moving towards a more consumer rights-driven model of privacy legislation include:

  • California, where the…
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Our economic lives are increasingly digital. Bank, credit and crypto accounts are often online, as are numerous other services. Research from NordPass indicates the average person has over 100 passwords for various sites and services. Unfortunately, these accounts are prime targets for fraudsters who use different account takeover fraud techniques to gain access to funds or to obtain the personal information needed to commit other fraudulent activity.

Considering the value of online accounts, the number of global accounts and the speed that an ATO can access funds, account takeover fraud is one of the most severe forms of fraud today…

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An address is an important identification attribute to verify a person’s identity. Proof of address is often requested when opening a bank account or other government account to confirm residence and help Know Your Customer (KYC) compliance and prevent fraudulent activities.

Proof of address is also used to ensure services are only available to customers within a specific geographical area. Beyond compliance, address verification also helps reduce fraudulent or unwanted activities online. For example, social networks or neighborhood apps may want to restrict users to residents-only to avoid solicitors and advertisers from spamming their communities.

Traditionally, providing proof of address…

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With many stock market indices near all-time highs, the wealth and asset management sector is under increased regulatory spotlight and firms are looking for more effective ways to protect against Anti-Money Laundering (AML) and financial crime. Compliance with AML, Know Your Customer (KYC), and sanctions requirements continue to be a key focus area for management. Firms are under pressure to demonstrate they have robust compliance frameworks in place to meet both regional and global regulatory requirements.

With total global assets under management expected to increase from $110 trillion in 2020 to $145 trillion in 2025, a corresponding increase in regulatory…

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The financial services industry is creating a whole new field ­ — embedded finance ­ — that enables organizations to add a financial service or technology to their offerings easily. These integrations allow financial services providers to expand customer relationships, increase revenue and profitability and deliver new services and innovative offerings without all the time and cost of traditional customer acquisition.

The potential opportunity is massive. According to an article in Fintech Futures, the total addressable market is over $7 trillion in this decade. …

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Once the Corporate Transparency Act comes into effect, U.S. companies will have to report their Ultimate Beneficial Owner (UBO) information to the Financial Crimes Enforcement Network (FinCEN). In 2022, any new incorporation or significant UBO change will need to be reported and any company formed before the effective date of the Act will have two years to report to FinCEN.

The use of anonymous shell companies, complex ownership structures that often make it difficult to identify true company ownership, has long been one of the critical weaknesses of Anti-Money Laundering efforts in the U.S. In its 2016 Mutual Evaluation Report…

Trulioo

Trulioo is the leading global identity verification provider helping businesses meet #AML #KYC and #KYB compliance https://www.trulioo.com/blog/

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