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