Risk Management and Compliance
Wave Crest believes that excellent program design is the foundation of preventing fraud and compliance issues. To that end, our experienced payments team will work with you and our comprehensive product offering to make your program attractive to good, honest customers and partners without opening the door to fraud and illegal activity.
Wave Crest offers a variety of automated platform tools designed to help clients meet applicable government compliance requirements. These tools encompass:
- » Customer identity (KYC) capture and verification
- » OFAC (and similar government databases in non-U.S. countries) screening at account opening
and then on a periodic basis - » Configurable velocity controls that restrict the amount of money that can be added and removed
from the account during a given period - » Real-time transaction monitoring, scoring and declines as needed based on client parameters
- » Auto-chargebacks where permitted
- » Various daily account transaction reports used for monitoring suspicious activity such as multiple account withdrawals, quick cash-outs, unmatched credits, duplicate sales and suspicious
chargebacks
We also offer back office services using experienced Prepaid Fraud Analysts who
- » Follow up on new account openings that are outsorted based on risk scores
- » Review suspicious transaction activities identified by the system and follow through per our
agreement with a client - » Negative balance reviews and write off management per client direction
- » Review lost/stolen card reports and determine whether a replacement card can be activated for
the customer, and whether a lost/stolen card should be placed on a warning bulletin