Fraud
Tight effective controls for effective protection
With the implementation of any Card Issuing and Acquiring project, it is a critical and mandated measure to have a sound risk and fraud control in place and AfricaPay can provide valuable assistance and guidance as to best practice, project management, assessment and recommendation throughout the whole process whilst mitigating the losses and risks for the financial institution.
The following steps will be used:
- Assess existing controls in place and the full end to end process from card production to delivery of the card to the customer
- Help Detect fraudulent activities as well as collect fraud information from Card Associations and perform follow up with Cardholders and Merchants for appropriate actions;
- Ensure that various fraud issues are reported to Cards Associations as per mandated timeframes and escalate promptly any serious fraud cases for appropriate actions;
- Perform timely actions to mitigate the impact of frauds such as the blocking of fraudulent cards on internal systems and international exception files;
- Assist in the retrieval, compilation and distribution of fraud statistics for reporting purposes;
- Assist the Risk / Compliance Team in the various tasks and carry out any assigned administrative tasks on a prompt and timely basis;
- Assist in implementing the right fraud monitoring solutions in order to automate the monitoring process, act promptly on the alerts.
- Provide train the trainer programs so as to keep staff abreast of new fraud patters and empower the team.
- Create awareness and manuals for cardholder and merchant best practice
- Assist Banks in liaising with law enforcement and Fraud forums