Security
What is PCI compliance? A complete guide for businesses
Nowadays, businesses that accept credit card payments must follow a comprehensive set of strict rules to ensure that sensitive customer data is protected. The name for this ruleset is Payment Card Industry Data Security Standard, or in short, PCI DSS. PCI compliance specifically is the rules of adhering to this standard in order to safeguard payment card data, cardholder data, and prevent fraud or data breach incidents. PCI DSS compliance is a generally accepted standard that applies to all organizations handling any type of operation involving debit or credit card transactions, cardholder data, or other payment information. In this guide,
Security
What is anti-money laundering, and how it protects against financial fraud
Anti-money laundering rules are in place all over the world. It is a crucial matter for businesses, as they have a legal obligation to prevent money laundering. It means that consumers need to be aware of the extra steps they have to carry out. Financial institutions have to ensure that their processes are designed to detect money laundering activities and other types of financial crime. Find out what money laundering is and how exactly the financial system has to stop it in this Genome article. Anti-money laundering explained Money laundering is the process of disguising the origins of cash that
Security
How to prevent chargeback fraud: a step-by-step guide
Chargeback fraud occurs when a customer disputes a transaction on their bank card. They claim not to have received the goods or services they paid for, so they start the chargeback process to try and reclaim the money. But is it true or a fraud attempt? It’s crucial that businesses know what a fraudulent chargeback involves. We can then look at how to reduce the risk of being affected by this fraud and how to dispute chargebacks safely. What is chargeback fraud, and why does it happen Legitimate chargebacks happen when a customer disputes a payment they’ve made. It can
Security
Love is scammed: what is romance fraud
Have you recently received any random messages professing eternal love for you? Well, don’t be in a rush to respond – this is likely a primitive romance scheme. But sometimes, this type of fraud is not so obvious. Let Genome help you figure it out. In this article, we uncover the meaning behind romance scams and explain how these can be avoided. What is a romance scam? Like in many other fraudulent cases, the criminal creates a fake identity and starts surfing dating sites or social media. There, the fraudster starts corresponding with people, trying to quickly establish a “romantic
Security
What is loan fraud? When all participants risk being deceived
Not all fraud types are created equally, so to speak. Some are decades old, others are very simplistic, and even those that require deeper knowledge of technology. Loan fraud also has some specific characteristics. Its complexity is mainly due to the types and involvement of different parties. But don’t let us at Genome get ahead of ourselves. Let’s take on the topic one step at a time to better understand the risks of loan fraud and how to prevent it. Loan fraud: definition of the term In general terms, loan fraud (sometimes called lending fraud) is a fraudulent activity when
Security
What is an account takeover: how to protect your personal data
The internet is too much sometimes: you answer emails, browse the web, scroll social media, get messages, and so on. All these can make you let your guard down, which is what scammers want. Especially when it comes to account takeover fraud. However, there are ways to prevent it, and Genome‘s team is ready to share our insights. What is an account takeover? An account takeover (ATO) occurs when a malicious actor gains unauthorized access to someone’s personal account, varying from social media to a banking app. After that, the scammer steals the individual’s money or personal information. How serious
Security
Pharming scams: how to avoid them and protect your finances
Among a plethora of online fraud and scams, some are more obvious than others. Unfortunately, this is not the case for the one we want to warn you about in this article. This fraudulent scheme is called pharming, which can have devastating consequences for companies and individuals. The reason is that many people don’t even suspect that anything is wrong when encountering the pharming scam. Genome’s team is here to help you stay vigilant – find out more about pharming and how you can recognize it below. Pharming: definition of the term If the word “pharming” reminds you of another
Security
Prevent wire transfer fraud: Genome’s tips for businesses
Do you want to know how to keep your information and funds safe from the most common types of fraud? Check Genome’s security page, where we list our advice. What is wire transfer fraud? It is a type of fraud that involves the misuse of any electronic money transfer services by malicious actors for their personal gain. To commit wire transfer fraud, scammers first use a variety of deception methods to trick an individual or a company into sending funds to the account created specifically for their fraudulent scheme. Businesses can fall victim to wire transfer fraud as well. Thus, it
Security
Prevent card-not-present fraud: tips for individuals and businesses
Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction? Before we get to the fraud part, let us first explain what card-not-present transactions are in general. Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and