Fintech News

JANUARY 22, 2025

It streamlines digital wallet payments procedures by enabling seamless transactions directly on the merchant checkout page, eliminating the need to redirect users to their wallet app. It enables merchants to implement, orchestrate and optimize payment methods end-to-end, and significantly reduces the payment method integration time.

Payment APIs and Integration 114

Payment APIs and Integration eWallet SARS Privacy 114

The Payments Association

FEBRUARY 10, 2025

Andrew Doukanaris Ambassador, The Payments Association While vIBANs have positive use cases, challenges exist in limited monitoring of the end user, alignment with the PSPs risk appetite, and the lack of a consistent framework to mitigate financial crime and regulatory risks. Common standards would bring consistency and confidence.

IBAN 88

IBAN AML Master Account Due Diligence 88

The Payments Association

DECEMBER 2, 2024

For instance, the new legal and regulatory framework means businesses dealing in crypto must review their policies and procedures and prepare for increased disclosure, transparency, and compliance with tighter regulations. PSPs were required to enhance their fraud detection and prevention systems to mitigate potential losses.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

VISTA InfoSec

OCTOBER 21, 2024

The SOC 2 (Service Organization Control 2) audit and attestation process is something that has been devised by the American Institute of Certified Public Accountants (AICPA) in order to ensure that organizations which provide services have secure procedures to govern data so as not to compromise the welfare of their clients.

Audit 147

Audit Compliance Procedures Best Practices 147

The Payments Association

DECEMBER 9, 2024

Cohn believes regulation will impose stricter requirements for organisations to assess and mitigate the potential for algorithmic bias in AI-powered payment systems. This could involve regular audits of AI systems, rigorous testing procedures, and ongoing monitoring of their performance to identify and address discriminatory patterns.

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. How Do Velocity Checks Work?

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

VISTA InfoSec

AUGUST 5, 2024

The SOC 2 (Service Organization Control 2) audit and attestation process is something that has been devised by the American Institute of Certified Public Accountants (AICPA) in order to ensure that organizations which provide services have secure procedures to govern data so as not to compromise the welfare of their clients.

Audit 130

Audit Compliance Procedures Best Practices 130

PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project is bringing cryptocurrency into the spotlight, and others are reexamining their onboarding procedures. Now the company has enacted security and AML procedures, to the consternation of cryptocurrency advocates.

Procedures 46

Procedures Cryptocurrency Regulations AML 46

Segpay

FEBRUARY 23, 2024

However, fraud mitigation in payment processing is a team sport. Implementing multi-factor authentication, secure login procedures, and other verification measures can collectively enhance the overall security of your business. The post Mitigating Fraud in Payment Processing appeared first on Segpay.

Mitigation 52

Mitigation Process Payments Compromise 52

PYMNTS

SEPTEMBER 29, 2020

Blanco said the organization is looking at mitigating risks with virtual currencies. All of these questions go back to the policies and procedures in place to mitigate risk," he said, according to the remarks. The agency has seen 91,000 suspicious activity reports related to COVID-19 or the pandemic between Feb. 1 and Sept.

Fincen 103

Fincen AML Money Laundering Scams 103

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

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

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 Defined Approach Requirements and Testing Procedures 1.1.1 by reviewing documented procedures. by reviewing documented procedures. to PCI DSS v4.0: PCI DSS v3.2.1 PCI DSS v4.0

PCI DSS 113

PCI DSS Procedures Authorization Security 113

The Payments Association

JANUARY 22, 2025

While digital identification is key to mitigating potential fraud and streamlining airport throughput, several barriers exist to successful implementation. Security does allow passengers to opt out of any biometric identification. Open banking can enable more significant insights for a better understanding and targeting of services.

Security 88

Security Online and Mobile Banking Credential Verification 88

Fintech Finance

OCTOBER 7, 2024

The Supplier Stability in Operational Resilience Report highlights that over 32% of the organisations surveyed are unclear about who is responsible for mitigating the risks of supplier failure, service deterioration, and concentration risk for Software as a Service (SaaS) solutions. While 70.1%

Risk 101

Risk Regulatory Compliance Risk Management Mitigation 101

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

The Paypers

SEPTEMBER 10, 2024

AI-enabled global payments network and shopping assistant Klarna has been criticised by the Swedish Financial Supervisory Authority for not advancing its money laundering prevention procedures.

Money Laundering 41

Money Laundering Mitigation Procedures Risk 41

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

The Payments Association

JANUARY 3, 2025

We try to educate guests, but theres always pushback when standard procedure to protect our revenue is perceived as a hassle, she said. This view was widely supported, with participants pointing to examples of successful industry-level initiatives, such as fraud consortiums, which pool resources to identify and mitigate threats.

Fraud Detection 88

Fraud Detection Fraud Prevention Participant Financial Crimes 88

VISTA InfoSec

OCTOBER 20, 2023

Financial Stability : Mitigates the financial impact of disasters, including costs from data breaches or loss of revenue. Testing and Revision Procedures (Addressable) : Enforce strategies for regular testing and modification of contingency plans. Service Continuity : Ensures essential healthcare services remain operational.

Disaster Recovery 130

Disaster Recovery Regulatory Compliance Procedures Duplicate 130

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

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 is now 6.2.2.

PCI DSS 100

PCI DSS Procedures Best Practices Verification 100

PYMNTS

SEPTEMBER 21, 2020

In other news, Stripe will pay $120,000 to resolve claims that the payment processor’s “risk monitoring and fraud prevention and mitigation practices” contravened Massachusetts’s consumer protection law, according to an announcement from the state attorney general office.

Office of the Comptroller of the Currency 68

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

VISTA InfoSec

JULY 31, 2023

Create a Formal Procedure : Establish a standardized process for restricting network access by configuring rules and criteria for your firewalls and routers. Maintain Documentation of Your Procedures : Keep a record of your process and create visual representations of cardholder data streams between systems and networks.

PCI DSS 130

PCI DSS Security Encryption Compliance 130

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

PYMNTS

MARCH 6, 2020

Efficiency is just one piece of the puzzle, he said, while fraud mitigation is another piece that is becoming more important. With a focus on relationships and procedures, FinTechs are aiming to help banks create a better customer experience through the help of digital-driven change.

Automation 100

Automation FinTech Procedures Mitigation 100

EBizCharge

MARCH 18, 2025

To mitigate these risks and secure financial data, pairing your Sage 100 with a secure payment gateway provider with robust security features is key. By regularly reviewing procedures, merchants can proactively address and mitigate potential issues early to protect against data breaches and maintain compliance with industry regulations.

Credit Cards 52

Credit Cards Process Security Data Breach 52

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

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

Finovate

MARCH 13, 2024

According to the European Parliament’s explanation, “The more powerful general purpose AI models that could pose systemic risks will face additional requirements, including performing model evaluations, assessing and mitigating systemic risks, and reporting on incidents.”

AI 111

AI Laws Fraud Detection Use Case 111

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

The Payments Association

DECEMBER 16, 2024

While external factors are harder to control, businesses can mitigate their impact through effective strategies. Streamlined processes and robust controls can mitigate these risks effectively. Best Practices for Managing FX Risks Diversification Strategies Diversifying your currency portfolio is an effective risk mitigation approach.

International Payments 88

International Payments Risk Payments Strategy Multi-Currency 88

Open Banking Excellence

SEPTEMBER 21, 2023

This should include policies, procedures, protocols, and tools needed to protect your organisation’s assets. They will have to increase oversight of third-party providers, to ensure contracts are DORA-compliant and guarantee they are following suitable risk management procedures.

FinTech 130

FinTech Compliance Regulations Non-Bank 130

Clearly Payments

JANUARY 8, 2024

By identifying potential vulnerabilities, merchants can take targeted actions to mitigate risks before they escalate. Employee Training on Chargeback Procedures Train employees involved in customer service and order fulfillment on chargeback procedures.

Risk Management 97

Risk Management Risk PCI DSS Process 97

EBizCharge

NOVEMBER 21, 2024

Businesses can also mitigate delays by implementing a practical timeline to process payments. Mitigate delays with a payment processing timelineUnderstanding the payment processing timeline is crucial for merchants to effectively manage cash flow and generate more revenue.

Procedures 52

Procedures Mitigation Payments Wire Transfer 52

PYMNTS

DECEMBER 9, 2020

Consumers are more susceptible than ever to falling short on their monthly bills, leaving banks searching for more proactive ways to mitigate the risk of defaults. Taking this retroactive approach to credit risk management was never efficient, but it has become even less feasible amid the pandemic.

Credit Risk 98

Credit Risk AI Risk Fraud Detection 98