Money transfer companies are major targets for hackers and malicious intent, those who will attempt to access systems and make transactions in their favour, or try to launder money with identity theft and fraudulent operations.
Preventing hacker attacks on transactions
One way to prevent hackers from carrying out false transactions involves money transfer companies verifying that the transaction is being placed by an authorised agent, from an authorised location, at an authorised time.
Biocryptology offers the fastest and safest solution for identifying the agent making the transaction with 100% certainty, avoiding the risk of transactions generated by malicious code, and its associated cost.
By using Biocryptology’s Closed Environment service, management will not only be aware of who is accessing the system and ordering the transaction, but also their location.
Authorising risky transactions
Most transactions carried out at a Money Transfer office can be considered standard, yet others could still be considered risky.
Biocryptology offers a fast, easy response method that secures risky transactions with a second level of authorisation.
KYC / Preventing Money Laundering
Money Transfer companies can be used by those with malicious intent to launder money. In order to prevent such illegal activity, it is important to register both the sender’s and receiver’s ID.
The sender’s identification is also important when it comes to complying with regulations, such as those of the OFAC, that require blacklist verification to prevent unauthorised individuals from executing money transfers.
Registering an individual’s ID not only takes time, it also requires an agent capable of identifying forged identification documents from different countries.
The Verified Identification service offered by Biocryptology, lets Money Transfer company clients properly identify themselves, instantly populating the business system with identification data and speeding up the process so that more customers can be served in less time.
The high cost of being GDPR Compliance
Handling sensitive customer identification data is not cheap.
Biocryptology acts as a GDPR data container, allowing money transfer companies to accesstheir customers’ data at any time, without having to maintain the costly IT infrastructure required to meet GDPR standards for keeping such data safe and secure.