Fraud prevention is a crucial aspect of any money transfer business to safeguard against fraudulent activities and protect the interests of both the business and its customers. Here is an outline of the Afriex fraud prevention process:
Robust Customer Verification: Afriex has implemented a thorough customer verification process to ensure the identities of its customers. This involves requesting valid identification documents for each jurisdiction, taking live selfies, and conducting thorough background checks during onboarding.
Risk Assessment: Afriex has a robust risk assessment framework in place to identify potential fraudulent transactions. This involves analyzing transaction patterns, transaction amounts, and any suspicious activity that deviates from the norm. Assign risk scores to transactions based on predefined criteria.
Transaction Monitoring: The Afriex, Trust, and Safety Team, continuously monitors transactions in real-time using advanced technologies and fraud detection systems. The transaction monitoring systems implement algorithms and rules that flag suspicious transactions, such as unusually large amounts or multiple transactions from a single account within a short period of time, among others.
The chart below shows the KYC onboarding process.
Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Compliance: We comply with AML/CFT regulations and implement robust AML procedures. In addition, the Compliance department conducts due diligence to detect and prevent money laundering activities, such as monitoring for transactions involving high-risk countries, politically exposed persons (PEPs), or individuals on sanctions lists.
Staff Training and Awareness: Afriex continuously trains its employees to identify and report potential fraud indicators, and provides them with knowledge about common fraud schemes, red flags, and the necessary steps to follow when suspicious activity is detected. We regularly update staff on emerging fraud trends and prevention techniques.
Fraud Detection Tools: Afriex utilizes advanced fraud detection tools and technologies to augment manual efforts. These include machine learning algorithms, data analytics, anomaly detection, and predictive modelling techniques to identify patterns and anomalies indicative of fraudulent transactions.
Secure Technology Infrastructure: We maintain a secure technology infrastructure with robust data encryption, firewalls, intrusion detection systems, regular security audits, 2-factor authentication, and transaction PINs. Afriex protects customer data and transaction information from unauthorized access and ensures compliance with data protection regulations.
Fraud Reporting and Investigation: Establish a clear process for reporting and investigating potential fraud cases. Assign dedicated teams to handle fraud investigations promptly and thoroughly. Coordinate with law enforcement agencies, if necessary, to aid in the investigation and prosecution of fraudulent activities.
Customer Education: Afriex educates customers about potential fraud risks and best practices for secure money transfers through email campaigns. In addition, we provide guidance on avoiding phishing scams and protecting personal and financial information.
Regular Audits and Reviews: Afriex conducts regular reviews to assess the effectiveness of fraud prevention measures. We review policies, procedures, and controls to identify gaps or weaknesses and make necessary improvements.
Afriex has adopted a multi-layered approach that combines technology, employee vigilance, and robust processes in order to protect the business and its customers from fraudulent activities.