Avoiding Financial Crime at Pay Out
Proving identity online is no simple business. Thanks to the rise of synthetic identities, online fraudsters, and other criminals it’s becoming increasingly more complex to discover whether or not the customer you’re onboarding is who they say they are.
At HooYu, we’re dedicated to helping you identify your customers. To help you elevate your KYC process in 2021 we’re introducing a faster way to verify customers are who they say they are using our payment card referencing process, Card Check, when paying out funds.
What is Card Check?
Card Check is an extension to the HooYu journey we’ve designed based on requests from clients. It is especially valuable for those in the gaming sector who want to make sure their pay out process is compliant and sees funds transferred to the right person.
Using this new feature, you can reference the customer payment card data you have on file against the data that HooYu extracts from the payment card. Card Check provides a simple and efficient verification on the recipient of the money that’s moved through your accounts. It’s a measure to show your regulator that you take AML controls on pay outs seriously and prevents the vast majority of fraudsters from taking advantage of your business.
Preventing crime at pay out
Payment cards are an important feature in the pay out process for most online gaming journeys. It’s a quick and easy way to verify that the account receiving the player’s winnings belongs to that individual and there are no bad actors taking advantage of your business to launder illicit money.
For gaming operators, payment card referencing is the fastest way to verify that the customer they’ve onboarded is the one receiving money generated from the business. It’s also another proof point that the customer is who they say they are, increasing business security and elevating the compliance process.
Card Check is available in the new HooYu user interface and reduces manual overhead when gaming operators need to be sure that they know whose card is being paid out to, if it matches customer details on file, and make sure that gaming firms aren’t facilitating a fraudulent pay out.
Money launderers are notorious users of gaming operators both in the physical and digital space. But that no longer needs to be the case. HooYu’s payment card referencing tool allows you to stop them in their tracks. Without a physical card linked and verified to the customer who’s withdrawing the funds, you can halt their payment with the click of a button.
Our new Card Check feature works seamlessly with our existing KYC infrastructure to prevent and detect account takeover and identity theft. The fraudsters that have targeted your business will have lost one of the most common ways to launder money through the gaming sector.
