Echeck.Money

ECheck.Money is one of the top services in the industry with our multi-step verification process, we are committed to providing our clients with high quality service while reducing frauds by over 70%. Check out these 5 frightful facts about fraud.

Big news from TransferWise as it continues to be a leader within fintech community. https://news.crunchbase.com//transferwise-posts-profit-d/

Account takeover fraud, like all fraud targeting online merchants, is becoming more sophisticated and difficult to detect. For high-risk, digital-delivery merchant verticals like gambling and airlines suffering from account takeover fraud, initiating an organizational dialogue about bots is vital. Solutions designed to identify and manage malicious Web traffic generated by bots are an increasingly important part of defending businesses against ATO and can be employed as part of a layered defense against fraud. https://cardnotpresent.com/no-ifs-ands-or-bots-how-bad-bo/

Zelle continues to gain popularity. https://cardnotpresent.com/b-of-a-numbers-shed-light-on-z/

How can FI's deal better with the new Beneficial Ownership rules According to FinCEN, the new Beneficial Ownership rules will cost FIs hundreds of millions of dollars in compliance costs in the first year alone. Add fresh sanctions, opaque guidance and costly processing and verification requirements, and beneficial ownership compliance costs will only continue to exponentially increase -- unless FIs quickly implement scalable, automated solutions. While technology solutions c...an’t resolve legal or risk-based questions around compliance, FIs can drastically reduce its financial costs. To lower costs, FIs should consider the following: Take paper out of the equation. By collecting and verifying information digitally, through a non-paper documentation method, FIs can improve resolution time and minimize human error during processing. A. Look ahead - anticipate change. The rules and risk factors around beneficial ownership can change, and are subject to revision. The technology and process you put into place today should be able to adapt accordingly. Implementing a technology that is both scalable and adaptable is key for long-term cost savings. B. Automate to reduce cost. Automating the collection and input / verification stages of the beneficial ownership process should drastically reduce the need for manual labor a big factor in compliance-related costs. Automation will also reduce account opening friction by moving information from collection to KYC and OFAC verification faster. C. Comprehensive solutions. In line with automation, employing a comprehensive solution one that not only includes digital collection and signature, but also KYC and OFAC verification will reduce the cost of compliance. D. Compatible solutions. Finally, to ensure a positive customer experience, FIs should deploy solutions that easily integrate into their existing systems to minimize customer friction points.