Segpay

APRIL 16, 2024

Merchants should implement robust fraud detection tools, such as address verification systems (AVS) and card verification value (CVV) checks. To mitigate this risk, merchants should ensure that their billing descriptors are clear and recognizable on cardholder statements.

Disputes 52

Disputes Address Verification System (AVS) Fraud Prevention Fraud Detection 52

PYMNTS

OCTOBER 18, 2019

” Despite the importance of factoring in the market, Handoush emphasized that the industry is in need of a more affordable way for truckers to address that misalignment. Blockchain Mitigates Risk. Using blockchain, invoices can be tokenized and turned into smart contracts, meaning information cannot be duplicated or altered.

Blockchain 41

Blockchain Duplicate Mitigation Risk 41

PYMNTS

JULY 26, 2019

Banking technology firm Nucleus Software is rolling out a new solution to address this issue for financial institutions. The solution’s upgrades also link into SWIFT’s gpi cross-border payments service, allowing banks to connect their corporate customers to visibility into their global transactions as they move in real-time.

Real Time Payments 40

Real Time Payments Cross-Border Payments Faster Payments Fraud Detection 40

The Fintech Times

DECEMBER 19, 2024

Proactive fraud prevention today not only mitigates risk, but also future-proofs operations against costly penalties.” To address these challenges, KION partnered with Basware, shifting to automated AP processes driven by AI that significantly reduced manual errors, minimising fraud opportunities.

Automation 59

Automation AI Fraud Prevention Deepfake 59

Fi911

AUGUST 28, 2024

By providing a structured framework, these codes not only enhance communication between the involved parties but also ensure that appropriate actions are taken to investigate and address each dispute. List of Discover Chargeback Reason Codes: By Category The list of Amex chargeback reason codes can be divided into a few different subgroups.

Disputes 54

Disputes Non-Bank CHIPS Authorization 54

Nanonets

APRIL 12, 2023

By implementing effective spend management practices, organizations can identify cost-saving opportunities, streamline procurement processes, ensure compliance with regulations and policies, and mitigate financial risks. In this step, organizations validate and clean the data, removing any discrepancies, duplicates, or errors.

Compliance 52

Compliance Duplicate Automation Process 52

Clearly Payments

JUNE 21, 2024

Duplicate Charges: The cardholder’s account was charged multiple times for the same transaction. Detailed Rebuttal Letter: Write a clear and concise rebuttal letter addressing the reason for the chargeback and providing evidence to support your case. Understanding Chargeback Codes: Familiarize yourself with chargeback reason codes.

Disputes 52

Disputes Address Verification System (AVS) Credit Cards Best Practices 52

Nanonets

MAY 7, 2024

By comparing these records, businesses can identify any discrepancies, such as missing or duplicate transactions, incorrect or false amounts, or any unauthorised expenses and transactions. Credit card reconciliation helps identify discrepancies such as fraudulent transactions, duplicate charges, or unauthorised expenses.

Reconciliation 52

Reconciliation Best Practices Credit Cards Compliance 52

Nanonets

JUNE 21, 2023

This process helps identify any missing or unmatched payments, duplicate transactions, or other errors that may impact the financial records. By reconciling payments, businesses can maintain financial integrity, enhance decision-making based on reliable data, and mitigate risks associated with inaccurate or fraudulent transactions.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52

Nanonets

MAY 21, 2024

Identifying and addressing discrepancies: Reconciliation helps uncover discrepancies between the amounts recorded in the ledger and the actual transactions, allowing businesses to rectify errors and prevent financial misstatements. Common discrepancies may include unapplied payments, duplicate entries, or incorrect customer balances.

Reconciliation 52

Reconciliation Accounts Adjustments Correspondent 52

PYMNTS

JUNE 16, 2020

This link prompted them to enter their email addresses, telephone numbers, credit card details and other personal information, all of which went directly to fraudsters. This may seem like an unwinnable battle for the restaurant industry, but there are measures that can mitigate this problem.

Venmo 61

Venmo Duplicate Push-to-Card Bots 61

PYMNTS

AUGUST 29, 2016

“Not preventing duplicate invoice payments.” Zitting warned that mitigating these issues is even more difficult considering how many executives are confident in their own systems. Plus, CFOs have more important things to worry about.

Payroll 43

Payroll Duplicate Accounts Mitigation 43

FICO

MAY 22, 2017

The broad strokes: This order endorses, mandates, and accelerates the adoption of existing frameworks as well as ongoing risk assessment and mitigation, but it does not set the game clock back by forcing the creation of new frameworks or imposing stifling centralization. The order is relatively short, with three operational sections.

Cybersecurity 45

Cybersecurity Risk Assessment Assessments Risk 45

Nanonets

APRIL 24, 2024

Through this meticulous process, businesses can mitigate the risk of errors, fraud, and legal complications, thus safeguarding their financial health and compliance.   Follow-Up and Implementation : After presenting the audit report, the auditor may work with management to address any identified deficiencies or areas for improvement.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

PYMNTS

JANUARY 3, 2020

Addressing The Digitization Gap. A B2B eCommerce platform with value-added services can be an effective way to address SMBs’ biggest needs for easily accessible digital platforms and services to conduct trade. Alternative Financial Data.

Financial Inclusion 48

Financial Inclusion On-Demand FinTech Small Business 48

Nanonets

JULY 24, 2023

By carefully reviewing these two sets of data side by side, you can identify any discrepancies or inconsistencies that need to be addressed. Step 5: Find errors Although rare, errors can occur on the bank's side, such as duplicate records, incorrect transaction entries, or miscalculated commissions.

Reconciliation 52

Reconciliation Finance Duplicate Accounts 52

EBizCharge

OCTOBER 17, 2023

To help with this, here are six common causes of ACH reversals to be aware of: Duplicate payments: ACH payment reversals can rectify accidental or duplicate payments to correct unintended financial repetition and appropriately restore funds. The timing and notification process of ACH returns and reversals also differ.

ACH 52

ACH Returns RDFI ODFI 52

Nanonets

SEPTEMBER 23, 2023

Address their pain points and demonstrate how your solution can solve their challenges. Focus on how it can address the client's needs and deliver value to their business. By effectively managing contracts, organizations can mitigate  risks , ensure  compliance , and optimize supplier relationships.

Gateways 52

Gateways RFP Value Added Service Compliance 52

Nanonets

JULY 25, 2023

This helps companies develop risk mitigation strategies and improve decision-making. By reviewing key performance indicators (KPIs), organizations can gain deeper insights into revenue streams and liabilities, identify current and future cash flow, and develop strategies to mitigate cash flow challenges and capitalize on opportunities.

Financial Analysis 52

Financial Analysis Payment APIs and Integration Assessments Automation 52

PYMNTS

MARCH 27, 2019

Banks can no longer address compliance needs on an ad-hoc basis either, he continued, particularly when institutions are operating across borders as siloes stifle data integration across teams, departments and jurisdictions. From Burden To Opportunity.

Compliance 46

Compliance Regulatory Compliance Regulations Risk Mitigation 46

Nanonets

SEPTEMBER 22, 2023

Supplier Management Effectively managing supplier relationships, performance, and contracts to drive   collaboration   and mitigate risks. These initiatives not only enhance operational efficiency but also enable organizations to adapt to changing market dynamics, mitigate risks, and achieve their procurement objectives.

Compliance 52

Compliance Process Mitigation Risk 52

Nanonets

APRIL 29, 2024

Any discrepancies found are then addressed and resolved to ensure the accuracy of the company's financial records. Error Detection and Resolution : The software detects discrepancies or inconsistencies between credit card statements and accounting records, such as missing transactions, duplicate entries, or incorrect amounts.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Nanonets

SEPTEMBER 29, 2023

Furthermore, as your business expands, managing payments becomes increasingly complex and can lead to several challenges, which need to be addressed effectively. This transparency empowers your team to make informed decisions, address issues promptly, and maintain clear communication with vendors.

Payments 52

Payments Reconciliation Automation ACH 52

FICO

JANUARY 11, 2021

These goals should have key performance indicators, giving the cross-functional team tangible targets for increasing top line revenues while mitigating risk and losses. Enable easy, safe access to accounts. Banks also need KPIs around how well they protect the customer and enhance the customer experience with security. Step-up authentication.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Verification 52

Stax

MARCH 14, 2024

The chip in an EMV card generates a unique code for each transaction, making it nearly impossible for fraudsters to duplicate the card’s information for fraudulent purposes. This helps mitigate the risk of data breaches and unauthorized access to cardholder information.

Chip Cards 88

Chip Cards CHIPS EMV Debit Card 88

Nanonets

APRIL 2, 2024

This can include anything from missing or duplicate transactions to unauthorized charges or fraudulent activity. This segregation of duties helps mitigate the risk of errors or fraudulent activities going undetected. Detection of Discrepancies: Bank reconciliation helps detect discrepancies such as errors or fraud.

Reconciliation 52

Reconciliation Automation Regulatory Compliance Compliance 52

PYMNTS

NOVEMBER 18, 2019

Our challenge … is to get as full and complete a picture of that banking data as we possibly can to mitigate those gaps and holes.” . DecisionLogic’s solutions address these problems by enabling lenders to access customers’ accounts in real time and transmit recent bank statements. Taking the Friction out of Lending.

Underwriting 41

Underwriting Federal Reserve Payments Faster Payments 41

Nanonets

MARCH 4, 2024

Duplicate Claims Employees submitting the same expense for reimbursement more than once. However, as the company grew, the CFO, Alex Morgan, noticed several issues: Duplicate Claims:  Employees occasionally submitted the same expense twice due to lack of proper tracking.

Process 52

Process Compliance Automation Audit 52

PYMNTS

APRIL 24, 2018

It’s about the series of events leading up to that as well as a long tail of consequences and mitigations following the incident. If customers are duplicating passwords across merchants, that’s a problem. A login from an unfamiliar IP address could raise a red flag for fraud defenses to be on the lookout for other unusual behavior.

Breach 50

Breach Bots Credential Data Breach 50

Nanonets

SEPTEMBER 21, 2023

Maintaining open lines of communication allows businesses to address any payment-related issues promptly and avoid potential disruptions in the supply chain. It is essential for organizations to stay proactive and adopt best practices to mitigate this risk. One effective measure is to establish strong internal controls.

Accounts 40

Accounts Best Practices Automation Reconciliation 40

Nanonets

APRIL 15, 2024

By maintaining clean and up-to-date financial records, organizations can make informed strategic decisions, mitigate financial risks, and position themselves for sustainable growth and profitability in the long term.   This represents the true balance of the company's bank account after considering all reconciling factors.

Reconciliation 52

Reconciliation Adjustments Correspondent Checks 52

Nanonets

JUNE 27, 2023

Exception Handling : In some cases, invoices may have discrepancies or require additional actions, such as resolving pricing disputes, clarifying delivery issues, or addressing differences between the invoice and supporting documents. Exception handling involves identifying and addressing these issues to ensure accurate invoice processing.

Process 52

Process Automation Electronic Funds Transfer (EFT) Volume 52

Nanonets

MAY 6, 2024

It helps in identifying any discrepancies or overdue payments that need to be addressed. Duplicate Entries : Accidentally recording the same transaction multiple times can inflate balances and create discrepancies during reconciliation. Incomplete Records : Missing or incomplete records can hinder the reconciliation process.

Reconciliation 52

Reconciliation Payroll Automation Transactions 52

Nanonets

MAY 6, 2024

This results in scattered files, versioning issues, the need to track down stakeholders for missing information, the generation of duplicate datasets, and more.   Automation tools mitigate the risks associated with manual reconciliation processes by automating repetitive tasks and providing robust error-checking mechanisms.

Reconciliation 52

Reconciliation Accounts Audit Automation 52

Nanonets

APRIL 29, 2024

Tookitaki’s software is suitable for organisations seeking to enhance reconciliation accuracy, reduce manual effort, and mitigate risks associated with intercompany transactions. Customers include financial institutions, banks, and large enterprises with complex intercompany transaction volumes.

Reconciliation 52

Reconciliation Audit Automation Transactions 52

CB Insights

MARCH 21, 2018

Developing industry-wide fraud prevention is crippled by the constraints around sharing personally identifiable information — such as name, address, date of birth, etc. Insurance exists to help people offload risk and mitigate unexpected events, from natural disasters to health problems. Source: IBM. Reinsurance.

Blockchain 78

Blockchain Audit Process Risk 78

Nanonets

MAY 31, 2023

In a volatile macroeconomic environment, businesses often adopt aggressive cost-reduction measures to mitigate financial risks. There is no one-size-fits-all solution to address cost-related challenges. This was evident during the 2008-2009 financial crisis, as shown in McKinsey’s survey above.

Automation 52

Automation Process On-Demand Innovation 52