security
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 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
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
Product news
Genome brings a major security-related update to its app
At Genome, your security is our top priority, as our team continually works to improve features that enhance the protection of your money and data. That’s why we’re excited to announce a security update launching in June for your Genome app! It is an upgrade to the two-factor authentication (TFA) process. Just a reminder, a TFA is used to verify your identity using at least two factors: something you know (a password), something you have (your phone), or something you are (like a fingerprint). Thus, if an unauthorized party attempts to log into your accounts, perform transfers, or take other