Global money transfer company MoneyGram International (MGI: 2.49 +0.13 +5.51%) has implemented an anti-fraud technique called Global Compliance. This technology will help prevent money laundering fraud, which is currently rampant.The system, which is now operational in Canada and the United States, has helped prevent 1,000 cases of fraud along with reducing cyber fraud by approximately 30% during the first 50 days of its implementation.
Global Compliance has automated suspicious activity monitoring systems which scrutinize each transaction for signs of fraud. If a transaction seems dubious, it is put on hold until its validity is authenticated by MoneyGram itself.
With rising criminal activities, money laundering has gained pace as criminals use different techniques to conceal the origin and true nature of the proceeds.
Apart from Global Compliance, MoneyGram spots individual customers who have been involved in fraudulent transactions. It thus tries to stop the transaction right at its origin by sending forms requiring certain information to be put in. Also, the agents verbally alert the customers if they feel any fraudulent transaction might take place.
In addition to the above measures, MoneyGram has set up an anti-phishing tool called RSA Fund Intelligence Solution. This technology will help reduce fraudulent transaction by restricting cyber thieves from pilfering customer details. The solution authenticates the user and the computer from the point the customer logs in through the completion of the transaction. The solution will also monitor sudden changes in the customer’s pattern of transferring money. If something unusual is found, the transaction will be marked for review.
Also, in an attempt to keep counterfeiters in check, MoneyGram has redesigned its money orders. The money order has been designed in such a way that its features will be clearly visible on the front and duplicating the same will be not easy for fraudsters. Besides, the recipients will be given a call to confirm their validity.
MoneyGram is seeking to build integrated and efficient anti-money laundering compliance control program as it will help to provide a safe and reliable money transfer service. Other than remedying the company’s weakness and failure in addressing scams relating to money transfer, this initiative is a long term investment of the company, which it can capitalize upon.
No comments:
Post a Comment