What is Payment Screening? It is the process of analyzing, verifying and checking incoming and outgoing transactions. This method reveals the risk of inaccuracies or criminal activity in any payment transaction. This allows financial institutions to act quickly in reporting an illegal transaction or processing any payment. Companies often follow this method comply [...]
What is Council for Financial Activities Control (COAF)? Financial activities play an important role in the global economy. It is important to ensure the integrity, transparency and regulatory compliance of these activities. In many countries, regulatory bodies have been established to supervise and monitor financial activities. These institutions often work to prevent illegal [...]
What is business email compromise (BEC) fraud? Business Email Fraud (BEC) is a method of defrauding businesses that process wire transfers. BEC affects global companies as well as governments and individuals. In fact, the daily global loss caused by this fraud method is estimated at approximately 8 million dollars. In this method, fraudsters [...]
How Does the Payment Screening System Work? The payment screening process stands out as an important barrier against illegal activities such as money laundering and terrorism financing. This arises from the complex world of financial transactions. This process ensures that financial institutions thoroughly review and approve each payment before making it, thus ensuring [...]
What is Financial Services Agency (FSA) Japan? Identity Theft: When a person engages in fraudulent activity by illegally obtaining sensitive personal information, such as a Social Security number or bank account information, it is known as identity theft. Financial services employees must be very careful to verify customers. Customer authentication and monitoring processes [...]
What is Financial Services Agency (FSA) Japan? Japan's Financial Services Agency (FSA) is the main regulator of the entire country's financial sector and is responsible for maintaining the stability of the industry. Based in Tokyo, the FSA was established in July 2000 within a department of the Prime Minister's Office. It oversees the [...]
What is Romance Scam? The number of people falling victim to love scams in 2023 increased by more than 20 percent compared to the previous year. This means that one in every ten dating profiles is fake. So people who use these platforms should be extra careful. Financial institutions (FIs) need to be [...]
What is Cryptocurrency Scam? Cryptocurrencies are digital assets that are secured by cryptography, rather than issued by a government or central bank. Provided by the blockchain system, these currencies can be used as a medium of exchange. Bitcoin and other cryptocurrencies (Ethereum, Ripple's XRP, Binance, Tether) attracted a lot of attention in 2017, [...]
What is The Financial Intelligence Unit-The Netherlands (FIU-NL)? The Netherlands’ national agency that combats money laundering and financing of terrorism is called Financial Intelligence Unit – The Netherlands or FIU – NL. Created to protect the Dutch financial environment, FIU-NL receives, processes and shares financial information to involve interest law enforcement bodies. This [...]
What is Securities Fraud? Giving information about securities fraud, it can be stated that it is a type of white collar crime that refers to fraud committed in securities trading within a stock or investments. The main objective is to control the shareholders and make them decide wrongly with material that is also [...]
