How can you efficiently fight against fraud?
As a platform, you are in charge of a first level permanent customer due diligence
Supervising the behaviour of your clients, using the support of your commercial and technical team
Detecting unusual behaviour or transactions
Notifying any unusual behaviour to fraud@mangopay.com and wait for MANGOPAY Fraud Analyst feedback.
Analysing the refusal codes: a short message is associated with the refusal code to allow you to have more details of the reason for the refusal
First time a user is paying more than the average payment basket
Time laps between a payment and a cash-out request of the funds : you can flag a behaviour that requests a cash-out just after receiving a payment
Per default, only allow cash-out after 48 hours
Flag wallets that have many transactions with refusal codes such as fraud codes, or 3DS failed code.
Flag payments that are above your average payment basket
Flag payments made by the same user too many times during a day, a week, a month
Flag a user who wants to register a new bank account: maybe set up a code confirmation system that asks for a cash-out of more than a certain amount (to be defined)
During 8PM to 8AM and weekends, try not to process or validate any cash-out for clients who are not KYC approved and requesting more than an amount that will be decided by you