Segpay

JUNE 13, 2024

In this post, we’ll discuss the best practices for businesses and customers to secure online payment against cyber attacks. Best Practices for Securing Financial Transactions What can businesses and consumers do to ensure secure payment processing in this digital Wild West? The Travelex ransomware attack. million ransom.

Best Practices 40

Best Practices Processors Transactions Security 40

Nanonets

JUNE 12, 2024

Any discrepancies are immediately addressed and once everything is confirmed to be in order, the purchase order is marked as fulfilled. Record Keeping: Maintaining accurate records of all purchases and documenting every process in the procurement cycle is very important for reconciliation, auditing and fraud detection.

Best Practices 52

Best Practices Automation Small Business Process 52

VISTA InfoSec

FEBRUARY 25, 2024

These commonly breached records include: Personal Information Names, addresses, phone numbers, Social Security numbers, driver’s license details, passport numbers, patient healthcare records, insurance policy information, financial statements, etc. Conduct audits periodically post-partnership.

Data Breach 272

Data Breach Breach Multifactor Authentication Cybersecurity 272

VISTA InfoSec

MARCH 6, 2024

Changes Access Controls "Limit viewing of audit trails" to those with a need. Testing aligns with the slightly narrowed focus (read access) but retains the emphasis on practical verification. audit log security principles are mostly unchanged. This rule is considered best practice until March 31, 2025.) Requirement 10.4.2.1

PCI DSS 130

PCI DSS Procedures Best Practices Risk Assessment 130

VISTA InfoSec

FEBRUARY 13, 2024

This proactive stance enhances Singapore’s resilience against cyber threats and also serves as a model for global best practices in cybersecurity. Audits play a complementary role by ensuring that existing security measures align with both internal policies and external regulatory requirements.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

EBizCharge

NOVEMBER 11, 2024

This article will explore the various types of reconciliation, detailing their unique features and applications while also offering best practices to enhance accuracy and efficiency in your financial processes. Now that you know the main types of reconciliation, you can look to best practices to conduct effective reconciliation.

Reconciliation 52

Reconciliation Best Practices Non-Bank Audit 52

VISTA InfoSec

OCTOBER 21, 2024

Change Management: Develop a change management strategy to address any resistance or concerns from your team. Some best practices to ensure robust cybersecurity include: Data Encryption: All sensitive data should be encrypted both in transit and at rest to prevent unauthorized access and ensure efficient data security measures.

Cybersecurity 130

Cybersecurity CRM Disaster Recovery Encryption 130

The Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. Monthly reporting : Payment firms must submit monthly regulatory returns, allowing the FCA to monitor trends and intervene if safeguarding practices fall short.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

VISTA InfoSec

JANUARY 29, 2024

The prevention, detection, and addressing of malicious software (malware) is ensured. 5.3 Employing anti-malware solutions that address all types of malwares is crucial in safeguarding systems from both current and evolving malware threats. This stipulation is considered a best practice until March 31, 2025.

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

Neopay

NOVEMBER 13, 2024

” Metro Bank has since undertaken efforts to address and remediate these issues. Comprehensive audits and reviews: We conduct regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence, ensuring your systems work as intended and meet the latest standards.

Financial Crimes 52

Financial Crimes Crime Due Diligence Compliance 52

FloQast

APRIL 8, 2024

Addressing material weaknesses is not just a legal requirement but a cornerstone of corporate governance and ensuring investor confidence, no matter the company size. In this article, we define what a SOX material weakness is and provide actionable strategies and best practices to avoid it. Regular internal audits.

Compliance 52

Compliance Audit Best Practices Risk Assessment 52

VISTA InfoSec

FEBRUARY 28, 2024

Specific Requirement - New: Rules for limited shared account use (duration, documentation, approval, auditability). It must include both numbers and letters. (This requirement is a best practice until 31 March 2025.) Look at your system settings to make sure these password rules are enforced. Significant shift in approach.

PCI DSS 130

PCI DSS Best Practices Authentication Rules 130

FloQast

MARCH 27, 2024

Standardization Different reconciliations require different approaches With the FloQast Reconciliation Management solution, controllers can capture the reconciliation strategy and approach to address the risks unique to each account. Audit Readiness Remember this? Who doesn’t love a smooth audit!?

Reconciliation 105

Reconciliation Audit Accounts Best Practices 105

Segpay

JANUARY 26, 2024

A - Audit Your Affiliates It only takes one bad merchant to take down an entire payment processor or bank, so knowing who you work with is essential. Those processes we employ are also best practices for merchants to apply to their business partners.

Best Practices 84

Best Practices Push-to-Card Processors Due Diligence 84

Nanonets

SEPTEMBER 25, 2024

We'll also guide you through setting up an efficient bank statement processing system and share best practices to transform this data flood into a strategic asset.   Bank statement processing is essential for accurate reconciliation , auditing, and financial reporting. 💡 Best practices:  1.

AI 52

AI Process Best Practices Reconciliation 52

Neopay

OCTOBER 3, 2024

Companies must regularly audit and stress-test their systems to ensure they function as intended, particularly as regulatory requirements change. Comprehensive audits and reviews : Our team conducts regular audits of your financial crime prevention systems, including AML, sanctions screening, and customer due diligence processes.

Financial Crimes 59

Financial Crimes Crime Due Diligence Compliance 59

VISTA InfoSec

OCTOBER 21, 2024

Best practices in multilingual cybersecurity compliance To keep your data secure in multilingual environments, it’s smart to follow some key steps. Outline regular audit processes to check compliance with these policies. Encourage questions and discussions during sessions Address any confusion or concerns immediately.

Cybersecurity 130

Cybersecurity Compliance Encryption Best Practices 130

FloQast

MARCH 1, 2024

The Sarbanes-Oxley Act of 2002 , commonly referred to as SOX, reflected a bipartisan congressional effort to address the root causes of those financial scandals. The 4 Steps of SOX Testing Most companies use four stages of SOX testing as part of a SOX compliance audit. What Is the Purpose of the SOX Testing Process?

Audit 52

Audit Compliance Assessments Procedures 52

VISTA InfoSec

JULY 17, 2024

Best practices in multilingual cybersecurity compliance To keep your data secure in multilingual environments, it’s smart to follow some key steps. Outline regular audit processes to check compliance with these policies. Encourage questions and discussions during sessions Address any confusion or concerns immediately.

Cybersecurity 238

Cybersecurity Compliance Encryption Best Practices 238

Innovative Payments Association

SEPTEMBER 5, 2024

This framework should be designed to address key areas such as compliance, risk management, performance monitoring, and relationship management. It is important to have processes in place for addressing any compliance violations or issues that may arise during the relationship.

Boot Camp 52

Boot Camp Due Diligence Third Party Vendors Compliance 52

Stax

AUGUST 22, 2024

Understanding, addressing, and managing them is crucial for maintaining business operations while ensuring safe payment processing for clients. Let’s dive deeper into risk management practices for PayFacs. It can also help to teach them about best practices they can follow to prevent fraudulent transactions.

Risk Management 88

Risk Management Risk Regulatory Compliance Due Diligence 88

Nanonets

JUNE 21, 2023

This article will provide a comprehensive guide to reconciling payments, its importance, challenges faced, best practices, and the role of automation in enhancing the process. Compliance and audit requirements Various industries and regulatory bodies mandate accurate and auditable financial records.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Neopay

AUGUST 5, 2024

Detailed records of all safeguarding training should be maintained for audit purposes. It also ensures that staff are prepared for audits, demonstrating the firm’s commitment to safeguarding. The FCA expects firms to stay up-to-date with best practices and evolving regulatory expectations.

Compliance 52

Compliance Procedures Audit Risk Management 52

VISTA InfoSec

FEBRUARY 16, 2024

a: Verify that software-development processes align with industry standards/best practices. - The software should be developed based on industry standards and/or best practices for secure development. - This ensures a clear documentation trail of security practices. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

Nanonets

SEPTEMBER 21, 2023

Regular audits and reconciliations can also help identify any discrepancies and fraudulent transactions. Fraudulent Activities Establish strong internal controls, conduct regular audits, and educate employees on fraud prevention. Implementing effective strategies can help businesses avoid financial pitfalls.

Accounts 52

Accounts Audit Payroll Compliance 52

Neopay

JULY 29, 2024

Undocumented issues and actions: When firms identify issues, risks, or harms caused by their products or services, they frequently fail to document these problems or the actions taken to address them, including planned future actions and timelines. This transparency will demonstrate your thoroughness and accountability.

Consumer 52

Consumer Assessments Compliance Best Practices 52

Nanonets

FEBRUARY 9, 2024

It also applies to accounting firms, audit agencies, and any third party that a publicly traded company uses in its accounting management process. The act requires companies to develop, publish, audit, and actively use their ICFR. A detailed look at specific findings and any issues arising from audit. What is an ICFR Audit?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Fi911

MAY 7, 2024

Best practices for merchants include addressing concerns from processors or acquiring banks promptly, strengthening their data security measures, devising strategies for chargeback prevention, and managing chargeback risk effectively. How Do Merchants Avoid Being Added to the Terminated Merchant File?

PCI DSS 92

PCI DSS Processors Compromise Identity Theft 92

Fi911

JULY 8, 2024

Synthetic Fraud Synthetic fraud occurs when criminals create fictitious identities by combining real and fake information, such as using a real Social Security Number with a fake name and address. Merchants must combine technology, vigilance, and best practices as part of a broad, multilayered strategy.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

Nanonets

APRIL 1, 2024

Failure to maintain this discipline can lead to financial pitfalls, including overdrafts, bounced checks, and inaccuracies in financial reporting and auditing practices. Proper management involves regular reconciliation , communication with payees, and adherence to best practices to mitigate risks.

Reconciliation 52

Reconciliation Checks Automation Process 52

Neopay

FEBRUARY 29, 2024

Moving forward, the FCA outlined a proactive approach, including thematic assessments, multi-firm interventions, and targeted interventions to address shortcomings in implementation and uphold consumer outcomes. At Neopay, we recognise the importance of regulatory compliance and consumer protection.

Consumer Protection 59

Consumer Protection Consumer Compliance Assessments 59

Stax

JANUARY 15, 2024

PCI DSS compliance, a global framework, mandates specific requirements and best practices for maintaining credit card data security. In the following sections, we’ll delve into the legal framework, compliance standards, and best practices to navigate the complexities of surcharging. Security audits.

Credit Cards 88

Credit Cards PCI DSS Compliance Process 88

Clearly Payments

JANUARY 8, 2024

Chargeback Management Best Practices Chargebacks pose a significant challenge for merchants, impacting both financial stability and reputation. Implementing effective chargeback management practices is essential to minimize their occurrence and address disputes promptly.

Risk Management 66

Risk Management Risk PCI DSS Process 66

Neopay

JULY 4, 2024

Actions taken : Describe actions taken to address any risks or issues identified. From comprehensive compliance audits and workshops to specialised training sessions, we ensure your reports cover all essential components, reflect best practices, and align with the FCA’s expectations.

Consumer 52

Consumer Risk Assessment Assessments Compliance 52

Nanonets

FEBRUARY 21, 2024

Businesses are encouraged to familiarize themselves with the procedural steps of cash reconciliation, adopt best practices to enhance accuracy, and consider the benefits of automating the process to mitigate risks associated with manual reconciliation. Looking out for a Reconciliation Software?

Reconciliation 52

Reconciliation Best Practices Automation Point-of-Sale (POS) 52

The Fintech Times

MAY 15, 2024

This lack of transparency means it can be hard to identify and address potential biases or security risks. If companies cannot explain how their generative AI systems work or how they have reached their conclusions, it can raise concerns about accountability and make it difficult to identify and address other potential risks.

Cybersecurity 71

Cybersecurity AI Government Governance 71

Stax

FEBRUARY 5, 2024

That’s why understanding surcharging—including its definitions, types, calculating methods, and best practices—can help you incorporate surcharging into your operations. Over time, they’ve evolved into strategic means, addressing industry-specific challenges and adapting to economic shifts. Let’s dive in. Regulatory Compliance.

Credit Cards 88

Credit Cards Legal On-Demand Regulatory Compliance 88