Security
What is a cardholder data environment, and why does it matter?
A cardholder data environment is a set of processes that protect, store, and transmit cardholder data. It is a key aspect of digital finance, as the need to handle sensitive data carefully has grown over time. Data breaches and other security issues are potential problems for companies with access to cardholder data. What is cardholder data environment compliance, and how can you obtain it? Genome provides a service that ensures full PCI DSS compliance. Advanced security measures are added to protect users’ transactions and assist in maintaining customer trust. What is a cardholder data environment (CDE)? A cardholder data environment
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
Security
What is merchant fraud prevention, and how does it work?
Online payment fraud has become one of the biggest worries in the digital payments age. It makes merchant fraud prevention a top concern for merchants worldwide. As well as financial loss, credit and debit card fraud also damages a business’s reputation and compliance status. Let’s define merchant fraud prevention and how it works. Discover how to prevent fraud and the best practices for dealing with suspicious transactions. What is merchant fraud prevention? Merchant fraud prevention covers the process and systems used to protect ecommerce transactions. It’s used to detect, stop, and mitigate fraudulent payment activities. The growth in the use
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
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