Compliance

The most important tool to effectively identify fraud is to implement a thorough and continuous compliance program.

TrustnPay team will implement together with you, the merchant, a Customer Identification Program that will help us and you to actively protect your business.

The Customer Identification Program (CIP) will include new account opening procedures that specify the identifying information that will be obtained from each customer. It must also include reasonable and practical risk-based procedures for verifying the identity of each customer.
The data collected will enable us to conduct a risk assessment of your customer base and determine together the card acceptance procedure needed to protect your business from fraud, charge backs and fines

Together, we'll get to Know Your Customer (KYC). We will use this due diligence procedure to identify your customers and ascertain relevant information pertinent to doing financial business with them.

KYC is a policy implemented to conform to our customer identification program. Know your customer policies have becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. KYC should not be thought of as a form to be filled - it is a process to be undergone from the start of a customer relationship to the end.
One aspect of KYC checking is to verify that the customer is not on any list of known fraudsters. This list contains thousands of entries that are updated on a daily basis. As well as sanctions lists there are lists of third party vendors that track links between persons regarded as high-risk in different geographic locations or businesses.

Beyond name matching, a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile, history on the customers account(s) and with peers.