Banks
Banks accumulate all possible risks inherent in other payment institutions. However, at the same time, the bank always transfers responsibility to other payments participants, such as the Payment Facilitator, merchants, and any others, thereby trying to compensate for potential losses. The downside of this model is the inability to fully control all the processes and activities of its partners and customers. Nevertheless, there are quite effective methods to minimize such risks.
What are the most common risks that banks suffer from?
1
Losses related to various regulators on behalf on card schemes, controlling government and international departments in the field of AML compliance and counter-terrorism.
2
Fines from card schemes for illegal or prohibited activities (BRAM, VBPP).
3
Exceeding the acceptable levels of chargebacks and fraudulent transactions.
4
Losses from fraudulent actions of its customers, both individuals and legal entities.
5
Internal corporate fraud.
These are just the main risks that can be applied to banks, in reality there are a much larger number of them.
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