Reduce Risk & Liability
PayQuicker applies a multi-dimensional approach to minimize your liability and risk. As a result of our discipline, resource application, and partnerships, we are able to offer a robust array of services that are not only cost-effective and value-add to your business, but compliant above and beyond regulation requirements. This is all accomplished while protecting our clients.
Integrated Fraud Identification and Risk Management
PayQuicker has integrated a mix of sourced and proprietary real-time fraud protection and response tools that are used to detect fraud quick and efficiently. We are able to evaluate large volumes of data to identify and adapt to new and emerging fraud patterns. This greatly reduces unnecessary exposure to PayQuicker, our partners, and our virtual prepaid account holders. In many cases we are able to stop the fraud as it is happening.
Program compliance is an integral part of any program, especially when offering a prepaid debit card product. PayQuicker, as well as our banking institutions, are subject to federal review, examination, and oversight. We have procedures in place to meet all requirements at each phase of a program's life cycle from account enrollment, card issuance, to account/card use. Our payment network partners impose additional policy requirements, operating rules and best practices which we adhere to, ensuring the safest possible platform for our customers. The regulatory and industry requirements are so significant that PayQuicker applies dedicated resources for the benefit of our clients. In coordination with our partners, protocols ensure 24/7 oversight, such as:
- A robust Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program is in place, adopted by the Bank Secrecy Act and the USA Patriot Act, to prevent, detect, and report potential money laundering activity.
- A Customer Identification Program (CIP) that collects and verifies customer information as part of the enrollment Know Your Customer (KYC) process.
- An Office of Foreign Assets Control (OFAC) screening process.
- A Suspicious Activity Reporting (SAR) process to report any unusual activity to the Financial Crimes Enforcement Network (FinCEN).
- Customer notification procedures in the event of program and regulatory changes.
- Real-time transaction monitoring to quickly identify potentially fraudulent transactions and disable your account automatically to protect your money.
- And much more...
Protecting account holder information and personal data is critical to providing a quality and safe program. PayQuicker, along with our processing and banking partners, have stringent security policies and procedures in place that outline and mandate comprehensive data protections. All personal identity information (PII) data is stored within the secured platform of our processing partner and is only retreived when needed within secure communication channels.
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