登录查看更多内容

How can you improve your ability to identify and mitigate payment risks?

由人工智能和领英社区提供技术支持

Payment risks are the potential losses or damages that may occur when you send or receive money electronically. These risks can affect your cash flow, reputation, and compliance with regulations. Therefore, it is important to improve your ability to identify and mitigate payment risks in your financial transactions. In this article, you will learn some tips and best practices to do so.

此文章中的业界达人

由社区从 3 条内容中精选。了解更多

Idan Keret

Technology Leader: Cloud (DevOps, SecOps), Financial Crimes ( Fraud, AML, Cyber ), Analytics (DataBricks, Snowflake…

1 Know your customers and suppliers

One of the first steps to reduce payment risks is to verify the identity and legitimacy of your customers and suppliers. You can use tools such as KYC (Know Your Customer) and AML (Anti-Money Laundering) checks to ensure that you are dealing with reputable and trustworthy parties. You can also request references, contracts, invoices, and other documents to confirm the details and terms of the transactions.

添加您的观点

Idan Keret

Technology Leader: Cloud (DevOps, SecOps), Financial Crimes ( Fraud, AML, Cyber ), Analytics (DataBricks, Snowflake, DataIku), Offshore Software Development
举报内容
One of the keys to selecting the right AML Monitoring tool for your organization is knowing your own internal skill sets. Certain modern tools which allow you the use of AI and Machine Learning are great but do require your local regulator to accept them. In addition, they require your organization to be lined up with new-generation manpower. Understanding of statistics. Understanding of Large Language Modeling (LLM) and distinguishing the work clearly from methods of part of just rules-based approach and without introducing Robotics into your procedures. Not all products are created equal. Not all customers are equal. Education is key. So many customers have gaps of expectations with their suppliers due to a lack of education.

已翻译

赞

2 Choose the right payment method

Another way to minimize payment risks is to select the most appropriate payment method for each transaction. You should consider factors such as the speed, cost, security, and convenience of the payment method, as well as the currency, location, and preference of the recipient. Some common payment methods are bank transfers, credit cards, debit cards, e-wallets, and cryptocurrencies. Each payment method has its own advantages and disadvantages, so you should weigh them carefully before making a decision.

添加您的观点

3 Monitor and track your payments

A third tip to manage payment risks is to monitor and track your payments regularly. You should use tools such as payment dashboards, reports, and alerts to keep track of the status, amount, and date of your payments. You should also reconcile your payments with your bank statements and accounting records to detect any errors, discrepancies, or frauds. If you notice any issues, you should report them immediately and take corrective actions.

添加您的观点

4 Secure your data and systems

A fourth way to protect yourself from payment risks is to secure your data and systems. You should use encryption, passwords, firewalls, and antivirus software to prevent unauthorized access, hacking, or theft of your sensitive information. You should also backup your data regularly and store it in a safe place. You should also educate yourself and your staff on the best practices and policies for data security and payment compliance.

添加您的观点

Idan Keret

Technology Leader: Cloud (DevOps, SecOps), Financial Crimes ( Fraud, AML, Cyber ), Analytics (DataBricks, Snowflake, DataIku), Offshore Software Development
举报内容
In my experience with Fintech and Payment organizations, one of the biggest decisions around working with your data is the main platform you choose for your Lake. The top breed firms come ready-made with the connection to the Cloud layer which hosts and comes with their security. In addition the best of breed firms come ready-made with governance and security protocols which will assure you the highest confidence. Further focusing on one of the key leaders being used by a considerable amount of enterprise firms will be yet another indicator you are on the right track when making that choice. I highly recommend looking into DataBricks as one of those options for all things Data and all things secure.

已翻译

赞

5 Review and update your payment processes

A fifth tip to improve your payment risk management is to review and update your payment processes periodically. You should evaluate the effectiveness, efficiency, and reliability of your payment processes and identify any gaps, weaknesses, or opportunities for improvement. You should also keep up with the latest trends, technologies, and regulations in the payment industry and adapt your processes accordingly. You should also seek feedback from your customers and suppliers and address any concerns or complaints they may have.

添加您的观点

6 Seek professional advice

A sixth way to enhance your ability to identify and mitigate payment risks is to seek professional advice from experts in the field. You can consult with payment service providers, financial advisors, auditors, lawyers, or regulators who can help you with your payment needs and challenges. You can also join networks, forums, or associations where you can learn from the experiences and insights of other professionals in the payment industry. You can also access resources such as guides, courses, or webinars that can help you advance your payment skills.

添加您的观点

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

添加您的观点

Idan Keret

Technology Leader: Cloud (DevOps, SecOps), Financial Crimes ( Fraud, AML, Cyber ), Analytics (DataBricks, Snowflake, DataIku), Offshore Software Development
举报内容
One key area for consideration when building out your layered security for your payments is realizing that Cyber, Fraud Prevention and AML are closely tied. Try and make sure you evaluate your approach to take all of them into consideration when picking solutions. Ideally, you try and get one central orchestration solution for your small units to be able and get results from all underlying solutions in a central fashion. See all risks in a Fused central way. Underlying solutions from each area are far more complex a decision as there are numerous products out there and everyone sounds the same. They key here is to have an advisor help you save time and bring to you 2-3 known solutions which fit your company profile and needs.

已翻译

赞

Financial Services

+ 关注

给文章评分

我们借助人工智能创建了此文章。您认为这篇文章怎么样？

很棒不太好

举报此文章

查看全部

How can you improve your ability to identify and mitigate payment risks?

1

2

3

4

5

6

7

1 Know your customers and suppliers

2 Choose the right payment method

3 Monitor and track your payments

4 Secure your data and systems

5 Review and update your payment processes

6 Seek professional advice

7 Here’s what else to consider

Financial Services

给文章评分

感谢您的反馈

更多Financial Services相关文章

更多相关阅读内容