Fraud Detection Procedures Risk Assessment 
The Payments Association
FEBRUARY 10, 2025
It highlights new corporate responsibilities, significant penalties for non-compliance, and the businesses need to implement strong fraud prevention measures to protect their financial and reputational standing. Compliance requires proactive fraud risk assessment, the implementation of preventive procedures, and a culture of accountability.
The Payments Association
FEBRUARY 10, 2025
Partnering with regional providers, leveraging AI for fraud detection, and conducting regular audits will ensure compliance, transparency, and operational excellence. Since vIBANs are often treated as extensions of master accounts rather than independent relationships, firms fail to apply appropriate risk assessment frameworks.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
The Payments Association
JULY 18, 2025
Large organisations will face criminal liability if they fail to implement “reasonable procedures” to prevent fraud committed by employees, agents, subsidiaries or other associated persons where the intent was to benefit the organisation or its clients. Applies to UK-based companies and overseas firms with UK operations or UK victims.
Fi911
DECEMBER 19, 2023
This scale of fraud is challenging for systems dependent solely on human detection, especially considering the increasing volume of online transactions. Initially reliant on automated and rule-based systems, financial institutions are now turning to machine learning for more effective fraud detection.
PYMNTS
DECEMBER 9, 2020
Banks that use AI-driven predictive models are able to detect the risk of delinquency as many as 12 months before a customer ever misses a payment, providing banks and their customers the breathing room they need to take action. The practical applications for AI extend far beyond credit risk assessment and detection, however.
Stax
JANUARY 8, 2024
To establish an effective risk management program as a PayFac, you must establish a dedicated risk management team, utilize the right tools and technology, develop proper risk management policies and procedures, conduct regular risk audits, and stay up-to-date with the latest industry regulations.
Clearly Payments
JANUARY 8, 2024
Merchants must familiarize themselves with the diverse risks associated with payment processing, encompassing fraud, chargebacks, and cybersecurity threats. Conducting a thorough risk assessment tailored to the specific nature of the business is essential.
Expert insights. Personalized for you.
Let's personalize your content