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Intellicheck Blog


  • Chargeback fees can cause serious financial damage and also threaten your business’s reputation. Chargebacks do not only refer to returned merchandise or lost sales; the true cost of chargebacks lie in fees that are tied to them.

    Typical chargeback fees range from $20 to $100. Add in the customer acquisition and operation costs (stocking, storing, packing, and shipping) and your business ends up losing almost three times the transaction amount.

    Therefore, it is crucial for you, as a merchant, to take preventive measures to reduce the instances of chargebacks fees. Here’s how you can stay ahead:

  • The Bank Secrecy Act (BSA), requires all financial institutions to collaborate with the US government to combat monetary crimes as well as the prevention of money laundering. Under BSA requirements, financial organizations must work relentlessly to detect and identify potential suspicious financial activities. Since its initial inception, BSA regulations have undergone several amendments, including the Patriot Act, which helps expand BSA’s scope to include monitoring and preventing terrorist financing activities. 

    Failing to be compliant with all changes to BSA regulations can result in hefty fines or even jail time. That’s why it is so critical to stay on top of changes in the industry, but many financial professionals don’t know how to do this, as they are busy with their day jobs and duties. 

    To make sure you are getting the most accurate information in a timely manner, here are a few simple and painless ways to keep up with BSA requirements and changes when they happen:

  • KYC (or Know Your Customer) is a practice in all regulated banks for customers’ identity verification. It is a necessary measure to monitor and assess customer risk. In fact, KYC authentication is a legal requirement for financial institutions as an anti-money laundering (AML) compliance measure.

    KYC authentication is a process carried out by organizations to verify the identity of their business partners and clients to stay compliant with current laws and regulations. Failure to stay on top of the KYC process can lead to significant fines for your company. Therefore, you must remain vigilant and up-to-date on your KYC process in order to stay AML compliant.

    Although there are many common mistakes every company makes in regards to AML compliance, you should avoid three critical KYC authentication mistakes at all costs.

  • A lot of businesses have questions about credit card chargeback merchant rights. To answer that, you must first understand what a chargeback is and how it works.

    In simple terms, a chargeback is a reversal of any credit card payment initiated by the bank that issued the card. This is often used when a buyer feels that the product description is deceitful or they suspect identity fraud, they will contact their bank directly to enforce a chargeback.

    A chargeback is a safety net designed for cardholder’s security. Therefore, you should understand credit card chargeback merchant rights to ensure you protect your business from chargeback frauds whenever possible.

  • In the fight against money laundering, the Financial Crime Enforcement Network established the Bank Secrecy Act (BSA) of 1970 and several laws thereafter. Anti-Money Laundering (AML) training programs have since been created to ensure that companies understand and conform to these AML compliance laws and regulations. 

    These programs were originally built on four core pillars: the development of internal policies, procedures and controls, the designation of an AML program officer, relevant training of employees and independent training. A fifth pillar, due diligence, was added in 2018. 

    AML training programs are now one of the necessary steps toward securing AML compliance. Here are a few things to keep in mind during the training process:

  • When it comes to AML compliance, the basic checklist will tell you almost everything you need to know. However, there are a couple of other factors that might have slipped your radar. If you look specifically at KYC, for instance, you’ll find that high risk customers require some additional resources before you can proceed with complete compliance. 

    So while basic Customer Due Diligence is necessary for any bank or other financial institution, the concept of Enhanced Due Diligence (EDD) might not be as familiar. If that’s the case, here’s what you need to know:

  • In order to abide by BSA/AML compliance regulations, a reliable Customer Identification Program (CIP) is a must. With the development of technology, CIP programs have become increasingly tighter to protect against things like identity theft and organized crime...

  • The world has been shifting towards digital reliance for the last decade or so. In the wake of coronavirus pandemic and social distancing parameters, this trend has escalated. This is especially true for online shopping, purchasing, and online credit card/loan applications.

    According to the UN report, the COVID-19 pandemic may lead to an increase in the number of cyber-attacks and frauds. According to the UN Security Council, there has been a 600% increase in malicious email attacks alone in recent months.

  • Anti-Money Laundering (AML) is defined as a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. AML laws, such as the Bank Secrecy Act, were first put into place by the U.S. government in 1970 and ever since, AML compliance has been considered a federal requirement. 

    As such, banks or other financial institutions that fail to be AML compliant can incur jail time, hefty fines, loss of income, wasted resources, etc. Integrating a successful AML software is one crucial step towards protecting your business against fraud and AML regulation backlash. Here are a few types of AML software your financial institution might want to consider incorporating:

  • Fraudulent activity is an issue that affects almost every business worldwide. From major retailers facing in-store and online credit card fraud to banks and financial institutions who deal with fraud on a daily basis, it’s a very common issue that many companies have tried to combat. 

  • The United Nations has already issued a warning that the coronavirus pandemic poses a threat to online security. In fact, according to the disarmament chief of the United Nations Izumi Nakamitsu, since the pandemic outbreak, there has been a 600% increase in malicious email attacks.

  • One of the biggest concerns for business owners and financial institutions across the country is protecting their business from fraudulent activity. While it may make sense to cut corners to save money, fraud prevention tactics can save you from millions of dollars in losses, especially ID related fraud cases.

  • As an establishment that sells alcohol, you have a responsibility to do your part in preventing underage drinkers from slipping through the cracks. When it comes to checking IDs for alcohol, one wrong move can cost you significantly.

  • When it comes to a bank’s due diligence with respect to AML/BSA compliance, having a BSA officer is a necessity. That said, it can be challenging to find a high-quality individual to fill in the role, especially with the volatility of BSA and AML compliance standards constantly changing. A BSA officer holds a lot of weight in regards to maintaining a bank’s reputation and strictly abiding by BSA standards.

  • Fraudsters have been using money laundering schemes to cover illegal activities for decades. In an effort to cut back the number of people taking advantage of the system, the government has imposed a set of rules and regulations called AML compliance. Anti-Money Laundering Act (AML) first appeared in the U.S. to stop perpetrators from moving money to evade taxes and use it for notorious purposes. 

  • As a business managing age-restricted purchases and engagements, you know that scanning an ID is the quickest way to verify a person’s identity thanks to the barcode found on the back. But did you know that those barcodes differ on driver’s licenses by state?  Each state has different information that is displayed when the barcode is scanned.

  • Fake IDs are growing both in number and sophistication as identity thieves get more and more accurate with the details. Whether you are a bouncer at a club, a bartender serving alcohol, or a tobacco or cannabis shop, you must learn to verify an ID properly and detect a fake one from a mile away.

  • With the new advancements in modern tech, catching fakes in real-time can be tricky. But just as your team is getting quicker at identifying fake IDs, identity fraudsters are advancing their methods for obtaining and generating fakes that can bypass security measures.

  • As new innovative methods for combating traditional identity theft continue to pop up, fraudsters have found new ways of getting around those roadblocks. That’s why there’s been an influx of synthetic fraud cases in the last few years. This means that rather than assuming an individual’s identity, fraudsters are now creating completely new identities based on a variety of real identity elements.