Is Your Remittance Business Struggling with These Critical Challenges?
Address these challenges to protect your business, streamline compliance, reduce fraud exposure, and build customer trust efficiently.
Agent & Partner Risk Exposure
Global remitters rely on sprawling agent networks. A single rogue or compromised partner can funnel illicit flows, trigger fines, and erode customer trust, yet vetting and monitoring thousands of entities manually is costly and slow.
Cross-Border AML/KYB Complexity
Multi-jurisdiction corridors carry different KYB, sanctions, and reporting rules. Keeping every partner’s documents current and audit-ready strains compliance teams and heightens the chance of costly regulatory gaps.
Money Muling via Agent Networks
Fraudsters stage high-frequency, low-value transfers through legitimate agents to launder funds. Detecting these subtle patterns amid normal payout spikes challenges rule-based systems and exposes firms to enforcement.
High False Positive Rates
Static, conservative rules often flag innocent senders or agents, freezing vital remittances, driving call-center volume, and pushing customers to less secure channels.
Empower Compliance with FraudNet's Intelligent Solutions
Streamline compliance, reduce fraud, and enhance partner management to safeguard your remittance business.
Data Hub Integration
Merge all KYB, AML & device data for 360° partner insight.
Policy Monitoring for Agents & Partners
Track volume, refunds, chargebacks versus preset thresholds.
Anomaly Detection for Agent Behavior
Surface unusual transfer bursts or corridor shifts instantly.
Entity Screening for KYB
Automate ongoing sanctions, PEP, and adverse-media checks.
Enhanced Compliance Efficiency
FraudNet streamlines KYB updates and regulatory filings, freeing your team to drive growth rather than drown in paperwork. Stay audit-ready effortlessly, ensuring compliance while focusing on what truly matters—expanding your remittance services and enhancing customer satisfaction.
Reduced Fraud Losses
Experience peace of mind with our AI-driven analytics that swiftly identify mule networks and suspicious agents. By reducing chargebacks and safeguarding payout liquidity, you can focus on expanding your remittance services without the constant worry of fraud-related setbacks.
Comprehensive Risk Management Dashboard
Streamline your risk management with a unified dashboard that visualizes partner risk scores, open cases, and corridor heat maps. Empower your team to swiftly identify and address emerging threats, ensuring seamless operations and bolstering your company’s security and compliance.
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
Why are remittance businesses considered high-risk merchants?
Remittance businesses are considered high-risk due to the large volume of international transactions, which can attract fraudulent activities and money laundering. Additionally, they often deal with multiple currencies and regulatory environments, increasing the complexity and risk of compliance issues. The nature of their clientele, which may include individuals from high-risk regions, further contributes to their high-risk classification by financial institutions.
What are common compliance challenges faced by remittance high-risk merchants?
Remittance high-risk merchants often face compliance challenges related to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. They must adhere to strict Know Your Customer (KYC) protocols and maintain detailed transaction records for audits. Additionally, they need to comply with varying regulatory requirements across different countries, which can be complex and resource-intensive. Failure to meet these requirements can result in heavy fines and loss of business licenses.
How can remittance companies mitigate risks associated with being a high-risk merchant?
Remittance companies can mitigate risks by implementing robust compliance programs that include comprehensive KYC and AML procedures. Leveraging technology like AI and machine learning for transaction monitoring can help detect suspicious activities. Partnering with reputable payment processors and banks that specialize in high-risk industries can also provide additional layers of security and compliance support. Regular staff training and staying updated with regulatory changes are crucial to maintaining compliance and reducing risks.
What role does technology play in managing risks for remittance high-risk merchants?
Technology plays a critical role in managing risks for remittance high-risk merchants by automating compliance processes and enhancing transaction monitoring. Advanced software solutions can analyze large volumes of data in real-time to identify potentially fraudulent activities and flag suspicious transactions. Additionally, technology aids in efficient KYC processes and helps maintain comprehensive records, ensuring adherence to regulatory requirements. It also supports seamless currency conversions and cross-border transactions, reducing errors and operational risks.
What are the potential consequences for remittance businesses failing to comply with regulations?
Failure to comply with regulations can have severe consequences for remittance businesses, including hefty fines, legal penalties, and reputational damage. Non-compliance may lead to the suspension or revocation of licenses, effectively shutting down operations. It can also result in loss of banking relationships, making it difficult to process transactions. In severe cases, company executives could face personal liability. Therefore, maintaining compliance is crucial to sustaining operations and building trust with clients and financial institutions.
What are the benefits of partnering with a payment processor specializing in high-risk industries for remittance businesses?
Partnering with a payment processor specializing in high-risk industries offers several benefits to remittance businesses. These processors have expertise in navigating the complexities of high-risk transactions and can provide tailored solutions to manage risks effectively. They often offer advanced fraud detection and prevention tools, ensuring secure and compliant transactions. Additionally, such partnerships can facilitate smoother relationships with banks and financial institutions, as these processors are adept at maintaining compliance with industry regulations and standards.