The Payments Association

DECEMBER 9, 2024

Generative AI also addresses training challenges for AI models. Moreover, synthetic data can address issues of data bias, as generative AI can create more balanced datasets that reflect a broader range of scenarios. Likewise, AI-generated speech samples enhance voice recognition, distinguishing genuine users from impersonators.

Privacy 88

Privacy AI Payment Security Security 88

Fi911

DECEMBER 3, 2024

By setting a cap on the number of transactions a user can initiate within a specific period, velocity checks aid in reducing the incidence of fraud, thereby mitigating potential losses to merchants. For instance, the Address Verification Service, CVV verification, geolocation, proxy piercing, biometrics, and more.

Checks 52

Checks Fraud Prevention Account Takeovers Fraud Detection 52

Seon

JUNE 24, 2024

Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity. 3 Technological Innovations to Mitigating Identity Risks In today’s digital-heavy era, addressing identity-related risks requires better technology.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

Fintech News

OCTOBER 15, 2024

Over the last three months, Sumsub’s technology has helped HashKey address onboarding delays by automating its verification procedures for its 600,000 registered users. Sumsub’s solutions also help mitigate identity fraud risks, which have been on the rise globally.

Verification 111

Verification Fraud Detection Money Laundering Compliance 111

The Payments Association

JANUARY 3, 2025

A roundtable discussion among merchants addressing the evolving challenges of fraud in their operations across various sectors. On 19 November 2024, merchants from across sectors gathered in London as part of The Payments Associations Financial Crime 360 (FC360) series to address the ever-evolving challenge of fraud in their operations.

Fraud Detection 88

Fraud Detection Fraud Prevention Participant Financial Crimes 88

EBizCharge

MARCH 18, 2025

So, it’s crucial to monitor and address any security issues that may arise. Merchants must address any security challenges associated with credit card processing to protect customer data and prevent fraud. Its important to remember that, as with any form of payment processing, security is paramount.

Credit Cards 52

Credit Cards Process Security Data Breach 52

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. While entities can choose their methods for HIPAA disaster recovery planning, HIPAA mandates basic requirements in section 164.308(a)(7)(ii) , requiring organizations to address certain aspects.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

VISTA InfoSec

FEBRUARY 13, 2024

Employees who are aware of the risks associated with cyber threats and the steps they can take to mitigate these risks form a solid first line of defence against bad actors in the digital sphere. By regularly conducting these tests, businesses can preemptively discover areas of exposure that cyber attackers could potentially exploit.

Cybersecurity 130

Cybersecurity Audit Best Practices Mitigation 130

VISTA InfoSec

JANUARY 9, 2024

Below, we present a meticulously curated list that highlights the transformations in requirements and test procedures from PCI DSS v3.2.1 This change accommodates a broader spectrum of technologies that meet the security objectives traditionally addressed by firewalls. Defined Approach Requirements and Testing Procedures 1.1.1

PCI DSS 113

PCI DSS Procedures Authorization Security 113

FloQast

FEBRUARY 19, 2025

As a consultant in the risk mitigation and compliance space , I always strive to be my client’s advisor on their risk and compliance needs. They considered what standard operating procedures (SOPs) they could implement to ensure accountability and efficiency when executing their controls.

Advisors 52

Advisors Compliance Risk Audit 52

Stax

JANUARY 8, 2024

Common risk management strategies for PayFacs include proper merchant vetting and onboarding, transaction monitoring and fraud prevention, chargeback mitigation, KYC/AML compliance, and data breach prevention. The potential impact of failed or inadequate internal systems, processes, procedures, etc.

Risk Management 88

Risk Management Risk Money Laundering Mitigation 88

Fintech News

FEBRUARY 14, 2024

The trade finance industry has been aspiring for greater digitalisation, striving to tap into potential benefits such as improved transparency, efficiency, risk mitigation and support for small and medium-sized enterprises (SMEs). Finally, efforts to digitalize trade have been held back by the lack of clear direction.

Finance 124

Finance Distributed Ledger Technology (DLT) Payment APIs and Integration Legal Framework 124

PYMNTS

SEPTEMBER 29, 2017

One of the most crucial areas for banks’ treasuries is risk mitigation , which, according to Beaulande, has become more complex as it relates to other areas of treasury management. Managing Risk. Sixty percent said that internal regulatory examinations include an assessment of risk management practices.

Treasury 56

Treasury Addressing Treasury Management FinTech 56

Stax

NOVEMBER 14, 2024

There are also risk holds—a routine procedure that most companies experience within the first few weeks of processing with a new merchant services account. Here are some ways to avoid chargebacks at your company, or at the very least, avoid excessive penalties from chargebacks: Follow proper credit card processing procedures.

Credit Cards 88

Credit Cards Process Online and Mobile Banking Payment APIs and Integration 88

Stax

FEBRUARY 19, 2025

How to mitigate this risk: Before committing to a provider, carefully review contract terms to ensure flexibility. Request documentation on their security policies, fraud prevention measures, and incident response procedures to minimize risks. Q: Why is customer support crucial in integrated payment processing for SaaS companies?

Payments 88

Payments PCI DSS Compliance Risk 88

VISTA InfoSec

FEBRUARY 16, 2024

These measures help mitigate vulnerabilities that hackers could exploit. The requirement mandates that software development procedures must be documented and examined to ensure that all security considerations are integrated into every stage of the development process. PCI DSS v3.2.1 PCI DSS v4.0 Requirement 6.3 PCI DSS v3.2.1

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

PYMNTS

JULY 1, 2020

A strategy that is “multi-layered” that makes use of manual and digital information analysis provides the best odds of organizations discovering and alleviating fraud caused by synthetics, according to the Fed’s “Mitigating Synthetic Identity Fraud In The U.S. Payment System” report. . percent and 0.6

Fed 76

Fed Federal Reserve Mitigation AI 76

Fintech Finance

MARCH 3, 2025

Powered by GPT-4o and other large language models, Antom Copilot simplifies the traditionally complex payment integration process, delivering: 95% faster integration by leveraging chain of thought (CoT) reasoning, standard operating procedure (SOP) automation, language (LUI) and graphical (GUI) user interfaces, and AI-driven code generation.

Fraud Prevention 52

Fraud Prevention Fraud Detection AI Risk Management 52

PYMNTS

SEPTEMBER 21, 2020

It said the letter addresses the use of stablecoins supported by one fiat currency on “a one-to-one basis where the bank verifies at least daily that reserve account balances meet or exceed the number of the issuer's outstanding stablecoins.”.

Office of the Comptroller of the Currency 68

Office of the Comptroller of the Currency Stablecoins Fraud Prevention OCC 68

Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Implementing effective chargeback management practices is essential to minimize their occurrence and address disputes promptly. Chargebacks are generally the biggest concern that most merchants have.

Risk Management 97

Risk Management Risk PCI DSS Process 97

VISTA InfoSec

AUGUST 22, 2023

As technology advances and the use of biometric data becomes more prevalent, it is crucial to address the privacy concerns and regulatory compliance associated with this sensitive data. By addressing these issues, organizations can strike a balance between reaping the benefits of biometric technology and protecting individuals’ privacy.

Privacy 130

Privacy Compliance Legal Best Practices 130

The Payments Association

JANUARY 29, 2025

This lack of investment resulted in outdated systems, backlogs in reviewing suspicious activities, and delays in addressing identified risks. A monitoring framework must be implemented without delay and include structured assurance processes, documented procedures, and regular reviews to identify breaches early and mitigate regulatory risks.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

The Finance Weekly

AUGUST 26, 2023

Enterprise Risk Management (ERM) , refers to the systematic procedure of strategizing, arranging, supervising, and managing an , organization's activities with the aim of reducing the negative impacts of risks on its financial resources and profits. What is ERM?

Risk Management 130

Risk Management Risk AI Liquidity Risk 130

PYMNTS

MARCH 30, 2018

“However, in some cases, complaints go unresolved to the satisfaction of the customer or cannot be dealt with by this internal procedure.”. Reports said the group aims to develop alternative solutions to dispute resolution and to address the needs of both banks and small businesses when mitigating. Earlier this month, U.K.

Small Business 66

Small Business Disputes Procedures Addressing 66

Fintech News

JULY 24, 2024

Addressing these factors requires a holistic approach encompassing technology, processes, and people to construct resilient financial infrastructures. The Step phase involves implementing solutions and procedures for seamless upgrades, migrations, and reconstructions.

Finance 117

Finance Risk Mitigation Automation AI 117

VISTA InfoSec

JULY 31, 2023

It is then up to the business to engage a consultant or take other appropriate measures to address the areas of non-compliance. Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. and prepare your organization for any changes.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

The Payments Association

DECEMBER 16, 2024

In addition to navigating multi-country operations and handling diverse currencies for payments and receipts, they must also address foreign exchange (FX) riskor exchange rate risk. While external factors are harder to control, businesses can mitigate their impact through effective strategies. process inefficiencies).

International Payments 88

International Payments Risk Payments Strategy Multi-Currency 88

Fintech News

DECEMBER 13, 2023

As this digital revolution continues to reshape the financial landscape, it is crucial to examine the future of the monetary system and address the challenges the crypto industry faces. This may involve regular reviews and updates to internal policies, procedures, and technology systems.

Financial Crimes 117

Financial Crimes Money Laundering Crime Risk 117

Fintech Finance

OCTOBER 8, 2024

Confusion around billing descriptions makes it that much harder for customers to recognise valid descriptions and by mistaking them for fraud, it can lead to unwarranted disputes and chargebacks for merchants, costing them money, resources and reputational damage, if not addressed.

Disputes 98

Disputes Consumer Transactions Cross-Border 98

PYMNTS

MARCH 2, 2020

So as we looked for areas to focus on in healthcare, we recognized that fraud, waste and abuse could benefit from our experience and competencies, given our leadership in fraud mitigation and security,” Griffin said, noting Mastercard’s 2017 acquisition of AI firm Brighterion.

AI 86

AI Visa Payer Law Enforcement 86

Fi911

MAY 22, 2024

Different types of payment reversals exist, each with distinct procedures and implications. Address customer complaints and inquiries promptly to resolve potential issues before they escalate. Also, implement fraud detection systems to identify and mitigate suspicious transactions. Why Do Payment Reversals Happen?

Payer 89

Payer Address Verification System (AVS) Disputes Payee 89

PYMNTS

DECEMBER 17, 2018

The FinCEN said UBSFS didn’t develop and use an appropriate anti-money laundering (AML) system to address the risks in accounts from both traditional brokerage and banking services. Broker-dealers providing banking-like services must properly mitigate the AML risks associated with this kind of service.

Fincen 55

Fincen AML BSA Money Laundering 55

PYMNTS

DECEMBER 4, 2018

With the Red Flags Rule , financial firms and some creditors have to implement a written identity theft prevention program aimed at detecting red flags of identity theft during the course of normal operations, take steps to prevent it and mitigate damage as a result of it.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

Innovative Payments Association

AUGUST 29, 2024

By understanding these risks, businesses can develop appropriate controls to mitigate them. Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program.

Cannabis Banking 52

Cannabis Banking Boot Camp Compliance Money Laundering 52

Nanonets

MAY 31, 2023

AI can help mitigate these issues. Technologies such as machine learning and natural language processing have revolutionized the finance function by automating and streamlining various financial procedures. Communicate the benefits of AI adoption to your finance team and address any concerns or resistance well ahead of the integration.

AI 122

AI Finance Fraud Detection Mitigation 122

PYMNTS

JANUARY 1, 2021

The Office of Foreign Assets Control stated in announcing the deal: "As a result of deficiencies related to BitGo’s sanctions compliance procedures, BitGo failed to prevent persons apparently located in the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria from using its non-custodial secure digital wallet management service.

Bitcoin 80

Bitcoin Cryptocurrency OFAC Treasury 80

Nanonets

MAY 22, 2023

Financial controls are the procedures, policies, and means by which an organization monitors and manages its revenues, costs, budgets, cash flow, and other financial aspects. Anomalies might suggest errors or issues that need to be addressed. What are financial controls, and why are they important?

Automation 98

Automation Procedures Audit Process 98