Is Your Business at Risk Due to Agent Missteps and Complex Compliance Challenges?
Navigate agent risks and compliance hurdles with confidence, protecting your business from fraud, fines, and reputational damage.
Agent & Partner Risk Exposure
Your success depends on thousands of independent agents and payout partners. If even one turns fraudulent, you face chargebacks, regulatory fines, and reputational damage that can shut down entire corridors.
Cross-Border AML/KYB Complexity
You must verify and monitor agents in dozens of jurisdictions, each with unique AML, CFT, and data-retention rules. Manual checks slow onboarding, increase cost, and leave gaps auditors quickly flag.
Money Muling via Agent Networks
Criminals exploit legitimate outlets to split illicit funds into many low-value transfers, masking origins and rapidly clearing balances before detection—placing your licenses and banking relationships at risk.
High False Positive Rates
Static threshold rules often mislabel genuine migrant-worker transfers as suspicious. The resulting payout delays erode customer trust and drive senders to faster, less-secure competitors.
FraudNet Solutions: Secure Your Network, Simplify Compliance
Streamline compliance and reduce risk exposure with FraudNet's comprehensive solutions for remittance companies.
Data Hub Integration
Merge KYB, AML, device, and transaction data for 360° insight.
Policy Monitoring for Agents & Partners
Track volume, refund, and chargeback limits in real time.
Anomaly Detection for Agent Behavior
Surface unusual velocity, corridor shifts, or split transfers.
Entity Screening for KYB
Automate sanctions, PEP, and adverse-media checks at scale.
Enhanced Compliance Efficiency
Streamline your compliance operations with FraudNet, reducing manual KYB efforts by 30% and providing instant audit-ready records. Focus on growth, not paperwork, and ensure seamless, efficient monitoring to keep your remittance business compliant and ahead of regulatory demands.
Improved Fraud Detection
Our AI-driven anomaly analytics swiftly identify mule networks and rogue agents, empowering you to act proactively. This foresight ensures compliance and safeguards your banking relationships, minimizing disruption and maintaining trust long before regulators or partners raise alarms.
Reduced False Positives
Our dynamic, corridor-aware scoring reduces incorrect alerts by 50-55%, ensuring legitimate remittances are processed instantly. This allows your team to concentrate on genuine risks, enhancing efficiency and customer satisfaction, while maintaining compliance and protecting your business reputation.
Impact & Results
Delivering Results that Matter
We don’t just promise better fraud control—we deliver tangible improvements that protect your business.
97%
Fewer False Positives
Approve more valid transactions confidently.
88%
Fraud Reduction
Experience double-digit reductions in fraud-related chargebacks
60%
Cost Savings
Save time and resources while securing your revenue.
Why FraudNet
Future-Proof Your Fraud & Risk Program
With an integrated platform designed for precision, agility, and impactful results, enabling your team to make smarter decisions, improve operational efficiency, and fuel your business growth.
Customizable & Scalable
No-code rules engine, flexible dashboards, and tailor-made machine learning models that are designed to adapt seamlessly and scale alongside your business.
End-to-End Platform
Unify fraud detection, compliance, and risk management into one powerful solution, saving valuable time and streamlining your operations.
AI Precision You Can Rely On
Reduce false positives, detect and prevent more fraud, and mitigate risk with highly accurate, real-time risk scoring and anomaly detection you can trust.
Real-Time Fraud Intelligence
Leverage advanced analytics, comprehensive reporting, and our Global Anti-Fraud Network to make faster, smarter decisions on the spot.
Testimonials
Real Success From Real Teams
Fraud.net’s flexibility has helped our AfterPay business grow by allowing us to meet our increasingly complex customer and country requirements. Their platform has enabled Arvato to increase our agility and significantly reduce fraud attacks.
Director Risk & Fraud, Arvato
FraudNet's combination of customized machine learning and flexible rules management has been transformative. We've achieved dramatic efficiency gains while maintaining robust fraud protection - a game-changer as we navigate evolving regulatory requirements.
Head of Financial Crime, Countingup
The great usability of Fraud.net is night and day when comparing it to our prior risk prevention platform. Reporting is also faster, more straightforward, and more impactful. With Fraud.net, we can easily visualize and share findings, providing our leadership with a clear understanding of the return-on-investment for our activities in real-time.
Fraud Manager, Global Financial Institution
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FAQs
What is remittance fraud, and why is it a concern for financial institutions?
Remittance fraud involves the illegal diversion of funds sent through money transfer services. It's a concern for financial institutions because it can lead to significant financial losses, damage to reputation, and regulatory penalties. Effective fraud control mechanisms are essential to protect both the institution and its customers from fraudulent activities, ensuring the integrity and trustworthiness of remittance services.
How can financial institutions assess the effectiveness of their remittance fraud control measures?
Financial institutions can assess the effectiveness by conducting regular audits, monitoring transaction patterns for anomalies, and analyzing the success rate of flagged fraudulent activities. They can also measure how quickly and accurately fraudulent transactions are detected and stopped. Feedback from customers and compliance with regulatory standards are additional indicators of the effectiveness of fraud controls.
What are some common methods used by fraudsters to exploit remittance services?
Common methods include identity theft, where fraudsters use stolen personal information to initiate transactions; social engineering, convincing victims to send money under false pretenses; and phishing scams, where fraudsters trick individuals into revealing sensitive information. Fraudsters may also exploit weaknesses in authentication processes or use mule accounts to move illicit funds.
How do technological advancements improve remittance fraud control effectiveness?
Technological advancements such as machine learning and AI enhance fraud detection by analyzing vast amounts of data to identify suspicious patterns that humans might miss. Real-time monitoring and automated alerts allow for quicker responses to potential fraud. Additionally, biometric authentication and blockchain technology enhance security and transparency, reducing the risk of fraudulent activities in remittance services.
What role do regulatory frameworks play in enhancing remittance fraud control?
Regulatory frameworks establish the standards and guidelines financial institutions must follow to prevent fraud. They require institutions to implement robust anti-fraud measures, perform regular risk assessments, and report suspicious activities. Compliance with these regulations not only helps in minimizing fraud risks but also ensures that institutions are held accountable, fostering a safer and more reliable financial environment.
Why is customer education important in preventing remittance fraud?
Customer education is crucial because informed customers are less likely to fall victim to fraud. By educating customers on recognizing scams, protecting personal information, and using secure channels for transactions, financial institutions empower them to identify and avoid fraudulent activities. This not only helps in reducing instances of fraud but also enhances customer trust and satisfaction with remittance services.