How to efficiently fight against fraud?
As a platform, you are in charge of a permanent first level customer due diligence, using the support of your commercial and technical team. To maximise your platform security, we recommend that you:
- supervise the behaviour of your clients on your platform
- detect unusual behaviour or transactions and notify our teams at firstname.lastname@example.org and wait for our Fraud Analyst feedback
- analyse the refusal codes: a short message is associated with refusal codes to provide more details of the reason for the refusal
- create alerts and/or trigger the 3DS according to your activity and users' regular behaviours, for example: if a first-time user is paying more than the average payment basket
- per default, only allow pay-outs after 48 hours.
- from 8PM to 8AM and weekends, try not to process or validate any pay-outs for clients who are not KYC approved and who request an amount exceeding a limit defined by you
- flag pay-outs requested right after the transaction was completed
- flag wallets that receive many refusal codes such as fraud codes, or 3DS failed codes
- flag payments that are above your average payment basket
- flag payments occurring too regularly by one same user over a day, a week or 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 by you)