43 Automated Solutions in 1 API to Solve Global KYB, KYC, Compliance and Fraud Defense.
Article Published on May 23rd, 2019. View Article on The Paypers.
We all know doing business online is highly compromised by identity thefts, account fraud, data breaches and various payment fraud. In 2017, 6.64% of consumers became victims of identity fraud – an increase of over 1 million victims from the previous year. Not to mention, managing ongoing regulatory requirements has its own barrier of complexity per market or/and industry.
Online payment fraud will top USD 22 billion this year and as high as USD 48 billion by 2023. We should all be implementing smart anti-fraud technologies and an array of Know Your Customer (KYC) than what is just required for base-level fraud defense and compliance. Allowing us to obtain enhanced digital profiles and premium risk mitigation, ensures our merchants and their associated customers and transactions are optimally verified and secured. However, this process involves costs, development resources, inefficiencies to market, potential end-user friction, not to mention dealing with thousands upon thousands of data output.
Now thanks to 4Stop’s innovative all-in-one KYB, KYC, compliance and anti-fraud technology, we can solve global online risk mitigation with confidence and obtain 3 automated solutions from a single API. The technology was driven by more than 60-years of collective experience in the high-risk management industry and has been developed with a full understanding of compliance needs.
1. Automated Merchant Onboarding
4Stop’s Know Your Business (KYB) solution is fully automated and everything is retrieved through a simple activation process. Dealing with merchants of all types whether enterprise, high-risk or low-risk, in every market and region worldwide is effortless with cost and time to underwrite dramatically reduced.
We instantly obtain businesses website analysis, retrieval of registration documentation, credit reports and even KYC due-diligence on UBOs, Directors and Shareholders to be certain every merchant we onboard are right for our portfolio. In as quick as a few minutes we can obtain granular reports, analysis, risk scores and registry documentation all within a single case-file. Additionally, the system is configured to automatically manage ongoing re-checks and monitors merchants’ performance - ensuring they remain compliant.