SmartSearch uses multiple data sources for ID, Bank and Card validation, which means Merchants can select the best service(s) to compliment their own internal systems, or if necessary use the entire SmartSearch solution.
SmartSearch uses the following data sources
Using Experian’s vast array of data such as Electoral Roll, Credit Performance Data, County Court Judgments (CCJs) , Bankruptcy and Insolvency, Fraud Score & Alert Services
Bank & Card Validation
Validate Bank Account and Sort Code and confirms it matches the name and address of the individual supplied
Matches the card number to the name and address of the individual supplied
Matches the CV2 (3 digit security code) to the card number supplied
Confirms that debit card is live and active
Validates the mobile number supplied is live, confirms the Network, the Country of Registration and if it turned on
IP & Device Validation
Alerts high risk areas and hidden IP address
Delivery Fraud Score
Identifies high risk postcodes
Global Fraud Alliance Data
The largest online database of known fraudsters for E-Commerce
A strong fraud screening system will suspend a payment if information:
Matches data stored in the Merchant's internal negative files.
Exceeds pre-defined velocity limits and controls.
Detects an AVS or security code mismatch or no match.
Match other high-risk signs. For example, payments placed with anonymous e-mail addresses, high-risk shipping addresses or foreign-issued cards.
E-Commerce and retailers can also design cost efficient and timely evaluation procedures for calculating high-risk transactions. Such fraud screening procedures help retailers and avoid manual review of payments and transactions in which potential fraud loss would be less than the aggregate costs of screening and evaluation.
For many e-commerce Debit and Credit Card processing users, getting third party fraud scores for each transaction may not always be cost-effective. However, with SmartSearch we can supply this as a standalone product or in combination with other services. We can create a bespoke transactional process that allows merchants to create exception rules based on the value of goods or the potential risk presented by the transaction. The merchant can reduce costs by separating low risk or low-value orders, where the potential losses are small.
All Gambling Operators have a responsibility to keep Financial Crime out of Gambling. Non-remote and Remote Casinos have additional responsibilities under the Money Laundering Regulations 2007; they also have a requirement to verify the age of their customers. The Gambling Commission has a duty as a Supervisory Authority to ensure that adequate controls are in place to prevent Casinos from being used for Money Laundering or Terrorist Financing.
Much of the Professional Regulated Sector have realised the benefits of operating SmartSearch giving them a single platform for all of their Individual and Business AML, Sanction & PEP compliance requirements. The ability to retain all of their AML verification data and outcomes in a real-time environment where information can be retrieved on demand to satisfy any internal audits or regulatory visits.
Much of the Professional Regulated Sector have realised the benefits of operating SmartSearch giving them a single platform for all of their Individual and Business AML, Sanction & PEP compliance requirements. The ability to retain your AML verification data and outcomes in a real-time environment where information can be retrieved on demand to satisfy any internal audits or regulatory visits; this is just one of the features that saves our clients time and cost and gives them peace of mind to concentrate on their own business matters.
When the Regulator changed from OFT to HMRC this increased the focus on AML, Sanction & PEP compliance. As a consequence an ever increasing number of firms have upgraded their compliance regimes to incorporate electronic verification, demonstrating their compliance with regulations in a much more efficient and cost effective manner significantly reducing their operational risk.
Banks, Building Societies & Financial Communities are steadily catching up with the Professional Regulated Sectors with an increasing number of Financial Organisations switching to SmartSearch for their AML, Sanction & PEP compliance. These Communities are not renowned for being early adopters as they typically have long standing legacy IT systems that usually take several years to implement change.
Networks and Compliance Specialists provide their clients with large range of support products and services. SmartSearch partners with some of the largest Networks to provide their Members with fully integrated cost effective AML, Sanctions & PEP solutions, helping Firms to comply with the latest Money Laundering Regulations.
The offence under Proceeds of Crime Act (POCA) relates to any activity involving criminal or terrorist property. This is a much broader definition than the commonly understood definition of money laundering. A business can commit an offence under POCA by unwittingly facilitating an act of fraud.
In the instant decisioning world of global stock markets “time is of the essence” therefore using traditional documents is a totally ineffective means of complying with AML regulations. Likewise checking against other mandatory data sources such as Sanctions & PEPs on a regular basis is not commercially practical unless this is fully automated.