Security
Online shopping safety tips: 3D Secure and common mistakes
Online shopping safety starts with one simple idea: protect every checkout. If you’re asking, “Is it safe to buy online?” – the answer is yes. That is, when you use tools like 3D Secure and avoid common traps. In this guide, you’ll learn secure online payment habits that keep your money and data safer. What is 3D Secure, and why do you need it? The Basics of 3D Secure (3DS) 3D Secure is an additional security layer for online card payments. Think of it as a short conversation between three parties: That’s why it’s called “3D.” It refers to three
Security
What is AML compliance? Key requirements explained
Anti-money laundering (AML) rules and laws are created for financial institutions and other companies to follow. AML compliance is needed to prevent financial crimes, including tax evasion and terrorist financing. AML compliance programs are crucial for many companies. Fintechs, electronic money institutions (EMIs), and many online businesses need to be aware of the risk of financial crimes. Any company that handles customer payments must comply with regulatory standards. What is AML compliance? What is AML compliance for businesses? The term AML is commonly used to describe anti-money laundering regulations. The most important point is that this stops illegal funds from
Security
What is KYC in Finance? Everything you need to know
If you have ever opened a bank account or signed up for a digital wallet, you certainly encountered a series of verification steps. This is Know Your Customer (KYC) in action. In simple terms, KYC is the process of verifying a person’s or company’s identity before allowing them to use financial services. If we go deeper, Know Your Customer is a mandatory framework for financial institutions to verify their clients’ identities before establishing a business relationship. By design, it is the first line of defense against any financial crime like money laundering, ensuring that banks or payment providers know exactly
Money and you
The difference between PCI compliance and GDPR: What businesses need to know
GDPR and PCI DSS are two different ways of protecting data, but they cover separate areas with distinct security standards. Compliance with both sets of regulations is vital for finance and ecommerce businesses as well as other digital services. It means that companies always need to know the basics of both to create a secure environment. We’ll be looking at the subject of data security and how Genome is a provider that ensures its clients’ payment details and other data are kept safe at all times. Data protection and payment compliance are crucial subjects, so read on to find out
Security
ISO 27001 vs ISO 27701: what’s the difference?
To compare ISO 27001 vs. 27701, we need to see how both of these international standards work. While ISO 27001 focuses on information security management, ISO 27701 focuses on data privacy. They’re both used by many companies that store or process personal data and other types of information. We’ll be looking at both of these standards to compare them and clarify the differences. Find out how they affect businesses and how to use them as part of a continuous improvement program. What is ISO 27001? ISO 27001 is the standard covering information security management. Published by the International Organization for
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
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