Minimise risk and fraud in your payments

Navigating the payments landscape

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By making fast accurate decisions on your customers whilst complying with best practice and legislation and managing your exposure to risk and fraud

Click here to view the videoAccording to research by insurance group LV=*, Direct Debit payment fraud accounts for around 10.6% of all identity fraud cases and is increasing.

With the introduction of Chip and PIN, fraudsters have moved away from cloning payment cards, and are now targeting individuals’ account details and identities to acquire goods and services.

Fraud has the potential to damage your reputation, your customer service levels and ultimately your bottom line but protecting your business from fraud can be a challenge.

We can help you minimise fraud and risk in your payments by allowing you to make fast, accurate decisions about your customers whilst complying with best practice and legislation.

Minimise fraud and avoid theft of your goods and services

Minimise fraud and avoid theft of your goods and services

Fraudsters posing as legitimate customers either steal someone else’s bank details or use a fictitious account that doesn’t exist in order to obtain goods or services from you.

Research by insurance group LV= has revealed that over 97,000 Brits have fallen victim to criminals setting up fraudulent Direct Debits from their accounts, with this figure expected to escalate over the next three years.*

The result is lost stock, loss of income and wasted time in cancelling invalid Direct Debit instructions. We can help you reduce payment fraud by identifying fraudulent Direct Debit set-ups before you process them.

Bank Wizard Absolute makes the connection between your customer and their bank account details in near-real time to help you identify fraudulent payment details up-front.

Improve efficiency and minimise risk in your payments

Improve the efficiency and minimise risk in your payments

Increasingly, best practice guidelines advise you to take measures to ‘know your customer' and ensure that the bank account details given are those of an account that does actually belong to them.

Over the last four years, the number of criminals gaining access to victims' bank accounts directly in order to set up regular payments has risen by 288% - (LV= research) *

So the process must be secure but at the same time efficient so as not to impact your customer service.

We can help you make the connection between your customer and their bank account without the need for paper-based authentication.

Bank Wizard Absolute reduces the need for time- consuming, manual verification measures by making the connection between your customer and their bank account details up-front in near-real time.

Make risk-based decisions on your customer acquisition

Make risk based decisions based on your customer acquisition

In the financial services sector the FCA stipulate that Know Your Customer (KYC) checks should be carried out on all new customers.

Not all customers will have the same value to you, so your business processes should reflect this.

We can help you make risk-based decisions on customer acquisition and effectively manage exceptions, while at the same time demonstrate best practice on fraud prevention.

Bank Wizard Absolute allows you to make risk- based decisions about your customers by matching your customer and their bank account details up-front in near real-time.

* Finextra 23 November 2010
Direct debit payment fraud now accounts for around 10.6% of all identity fraud cases. (LV= research)

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