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.
The Professional Regulated Sector have been quick to spot the opportunity and realise the benefits of operating a single platform for all their AML, Sanction & PEP compliance requirements. 1 in 4 Top Law Firms now have SmartSearch at the heart of their AML compliance process.
The Professional Regulated Sector have been quick to spot the opportunity and realise the benefits of operating a single platform for all their AML, Sanction & PEP compliance requirements. 1 in 3 Top Accountancy Firms now have SmartSearch at the heart of their AML compliance process.
Regulator changes from OFT to HMRC have increased the focus on AML, Sanction & PEP compliance. An increasing number of firms have upgraded to electronic verification, greatly reducing their risk and cost.
The Banking & Financial Community are catching up with the Professional Regulated Sector with an increasing number of financial organisations switching to SmartSearch for their AML, Sanction & PEP compliance. This Community is not renowned for being early adopters as they typically have long standing legacy challenges with their IT Systems.
Networks and Compliance Providers offer their clients a large range of support products and services. SmartSearch partners with some of the largest Networks to provide their Members with cost effective compliant AML solutions, helping Firms to comply with the Money Laundering Regulations.
General Insurers have an obligation to report suspicious activity under the Proceeds of Crime Act 2002 (POCA) and to comply with the Sanctions Legislation. General Insurers are not within the regulated sector, as defined under the Money Laundering Regulations 2007, but in certain circumstances they are required to report suspicious activity.
When “time is of the essence” using traditional documents is an ineffective means of complying with AML regulation. Likewise checking other mandatory data sources such as Sanctions & PEPs on a regular basis is not commercially practical.