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Are UK Firms Sleepwalking into Fraud Failure? Reports Reveal Lax Due Diligence and Compliance Issues

The Fintech Times

New research has revealed that almost one in four financial services firms are in direct violation of ECCTA regulations, leaving them seriously vulnerable to the new ‘failure to prevent fraud’ offence, while nearly a third of firms are failing to do their due diligence with clients.

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Credit Card Processing for Small Business: Everything You Need to Know

Stax

It also ensures that data security best practices, particularly PCI DSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data. You are likely better off opting for a third-party platform.

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Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

Ensuring adherence to legal and regulatory standards, such as PCI DSS (Payment Card Industry Data Security Standard) requirements. Speed vs. accuracy: Streamlining processes without compromising due diligence. Reducing potential losses from high-risk merchants. Building trust by partnering with compliant businesses.

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Finovate Global: Talking Fintech Regulation in the European Union with EverC’s Maya Shabi

Finovate

For some added context, the EUs General Data Protection Regulation (GDPR) emphasizes protecting personally identifiable information (PIII) through consent and data security, whereas DORA shifts the focus to the digital supply chains of financial institutions.

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The Compliance Beast Of Food Retail Supply Chains

PYMNTS

Randy Fields, chairman and CEO of ReposiTrak parent company Park City Group , said this legislation exemplifies the difficulties of supply chain compliance in the food sector, and demonstrates the limitations of technology in automating compliance and due diligence. Recent KPMG data found that RegTech funding jumped to $1.37

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MoneyGram CIO Talks Data Security

PYMNTS

“The information security team is actively involved from the very beginning, from ideation all the way through implementation and production and constantly doing their due diligence for any product that we have.”. What’s Next.

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Understanding Risk Management Strategies as a PayFac

Stax

Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. You need thorough due diligence, technology, and adherence to regulatory guidelines in your risk management strategy. The due diligence doesn’t stop at onboarding.