In the real world, proving your identity is pretty straightforward. When you show up in person to open a bank account, rent a car, book a hotel room, gamble at a casino or purchase alcohol, you present your government-issued ID, proof of address or whatever else might be required for the transaction, and the company…
Anti-Money Laundering (AML) processes are designed to prevent illegal money transactions that hide the source of funds earned from or funded for criminal activity. One of the best ways to improve your company’s security against these transactions is to develop a thorough risk assessment procedure. Although the law does not specifically require that you develop…
Ever hear of the Tinder Swindler? The Tinder Swindler is a Netflix documentary about lies, deceit and online dating. Shimon Hayut, aka the Tinder Swindler, is a convicted fraudster who used dating apps to meet women, then established lines of credit and loans in their names, ultimately leaving them holding the bills. Hayut assumed multiple…
Webull is a leading digital investment platform built on next-generation global infrastructure. Founded in 2016, Webull Corporation serves tens of millions of users from over 180 countries, providing retail investors 24/7 access to financial markets around the world. Users can put investment strategies to work by trading global stocks, ETFs, options and fractional shares through…
After a massive decline during the COVID-19 pandemic, travel came soaring back in 2022. But while this rebound is good news for the travel industry, fraud has also been taking off. Criminals have realized that travelers provide a gold mine of value, both in the ease of stealing their identities (made easier because travelers must…
When it comes to preventing money laundering and terrorist financing, financial institutions and large corporations have a crucial role to play. One important step in this process is screening politically exposed persons (PEPs) — individuals who hold a prominent public position or have close ties to such individuals — for potential risk. PEPs are considered…
When it comes to compliance, there are many different regulations for companies to navigate. Adding to the confusion is the various compliance terminology, such as AML and KYC, which are similar but can mean different things. AML or anti-money laundering refers to the steps that financial institutions and other firms must take to prevent criminals…
How safe do you need to feel in order to rent a room in a stranger’s home, or to trust someone you’ve never met to drive you home after a night out on the town? Companies who get trust and safety right are reaping the rewards — the sharing industry is expected to skyrocket to…
You wouldn’t hire a new employee without making sure they’re the right fit for the job, right? Just as employers thoroughly vet candidates, organizations across the financial services industry need to have a good read on their prospective clients before allowing them to open an account to mitigate fraud and money laundering risk. This is…
When implementing a fraud-prevention system, there are multiple approaches you can take. The most important step is to keep fraudsters off your platform in the first place. Using identity verification and authentication, you can ensure the person who’s onboarding or signing in to an existing account is who they say they are. But stopping identity…