Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance – Few verticals are as accustomed to risk as forex trading companies. Quick access to cash, deposits and withdrawals, a de facto e-wallet service… All this adds up to create the perfect magnet to attract fraudsters, money launderers and organized criminals.

Let’s see how you can reduce that risk in your forex trading company by deploying better anti-fraud rules to identify high-risk customers.

Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance

Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance

The last fact is a good pointer about why FX trading businesses are high risk in the first place. Because they sometimes deal with global money markets, as well as often cater to customers around the world, there is no single set of rules or regulations, making it a challenge for banks to rely on the right jurisdiction to minimize disputes. .

What Is Forex Trading And How Does It Work?

Partner with to reduce risk and reduce fraud rates in your business using ML, real-time data enrichment, and advanced APIs.

Now that we’ve discussed general strategies and best practices for understanding risk, let’s look at specific rules you can deploy with software.

We’ve already touched on the topic of data enrichment above, and this is a prime practice example. With , you can start with just an email address or phone number, leverage this single data point to find out if your customer has online profiles on social media and other platforms – as well as which .

So why does it matter? So, the type and number of social networks where your customer has accounts can indicate what kind of customers they are. This is a key segmentation strategy to identify high-value customers, for example, but it’s also a great way to identify risk.

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In fact, the complete absence of social media profiles is what we consider a high-risk signal to . Most legitimate customers will have some semblance of social network activity.

Yes, some customers may use a second email address or phone number. They can also be privacy lovers who avoid social media. But in most cases, the absence of social profiles points to a hastily created email address, designed to exploit your FX company – so consider this along with other signals.

This rule is as straightforward as they come. If the customer’s name appears on an AML list, they should be considered high risk. With the AML API, it only takes a few clicks to check dozens of AML listings in as many jurisdictions. You can also integrate the results into a custom rule to receive automatic notifications or immediately block the user from onboarding, based on your risk appetite.

Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance

At the time of writing, PEP lists, RCA lists, crime databases and watchlists and punishment lists are being checked. You can also make the same notifications for customers whose IP addresses point to countries subject to sectoral sanctions.

What Is Forex Trading?

This rule is a twofer. You can enable it both in the context of AML compliance, and also to detect potential account takeovers.

It is designed to notify you when a customer suddenly deposits more money than before. We set the target at 200% increase in 24 hours, but as you can see from the screenshot below, the parameters are for you to tweak.

Here’s why this is important: first, you want to keep an eye on deposits to make sure your customer isn’t planning on laundering money. These are the types of money movements you can log in a Suspicious Activity Report (SAR), depending on your AML compliance requirements.

Second, it helps us identify what might be considered unusual behavior for a customer. If the sudden increase in activity is coupled with, for example, a new device (which you can detect thanks to our device fingerprinting) – you have compelling reasons to raise red flags.

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Work together to reduce fraud rates in your business using real-time data enrichment, whitebox machine learning, and advanced APIs.

As a complete risk management tool, it lets you track user signups, logins, deposits, withdrawals, and even check their names on AML lists.

In addition to the aforementioned options, you can also perform a card BIN lookup and deploy machine-learning suggestions to identify patterns that your risk analysts may have missed.

Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance

All of the above is available in a flexible, modular package, which ensures excellent return on investment and gives you complete control over risk management – ​​if you deploy as a full end-to-end solution or to augment your existing risk management stack.

Financial Crime Risks In The Forex Trading

Article Account Takeover in Forex Trading by Bence Jendruszak Here’s how to determine if a forex trading account has been hacked.

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Article KYC Compliance for Forex Trading by Bence Jendruszak Find out why KYC compliance is important in forex trading.

Article How to Detect Money Laundering in Forex Trading by Bence Jendruszak Read how to best prepare yourself to fight money laundering in forex trading.

What Is Forex Trading

Bence Jendruszák is the Chief Operating Officer and co-founder of . Thanks to his leadership, the company received the largest Series A in Hungarian history in 2021. Bence is passionate about cybersecurity and its overlap with business success. You can find him leading webinars with industry leaders on topics such as iGaming fraud, identity verification or machine learning (when he’s not brewing questionable coffee for his colleagues). Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can vary widely in prices and are not suitable for all investors. The trading of cryptocurrencies is not governed by any EU regulatory framework. Your capital is at risk. The current page is intended for instructional purposes only. It should not be intended as operational advice for investments, or as an invitation to public investment. Any real or simulated results should not represent a warranty of possible future performances. Speculative activity in the forex market, as well as in other markets, implies great economic risk; anyone who engages in speculative activity does so at his own risk.

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Forex Trading And Investment Fraud Prevention: Toronto Attorney Guidance

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