Remittance security is a complex matter. At Profee, we take all the necessary steps both to keep our customers' data safe and to prevent cyber criminals from accessing our service. In this article, we will explain how we protect Profee from fraud.
What are money transfer frauds like?
Payment systems are advancing, and so are fraud schemes. Online operations may seem more vulnerable to fraud, as proving the payer's identity via the Internet may be hard. When it comes to cross-border remittance, things get even more complicated: different countries may use different security protocols to ensure the safety of transactions, not to mention multi-currency operations. This is why some payment systems or services are limited to specific countries.
Cybercriminals benefit from new technologies: instead of simple phishing or skimming, hackers boast of using information obtained from massive data leaks. Fraudsters also use social engineering and AI-generated deepfake technologies to trick people into sharing personal data. At the same time, new technologies contribute to fraud prevention. In particular, unified payment standards make transfer analysis easier, thus simplifying fraud detection.
What can be done to prevent payment fraud?
Building an efficient antifraud system is challenging. It needs to be powerful to analyse complex data sets. It also needs to be fast to keep the service running smoothly and to stop the transfer process in real-time when required. An advanced antifraud system needs to be adaptive so that rapid changes to the digital environment cannot affect its efficiency,
Kirill Nesterov, head of the Antifraud department at Profee: "Creating a perfect antifraud system is close to impossible. Yet, our antifraud system has a major advantage: it is dynamic. We take immediate measures to prevent suspicious activity when we detect any changes or new patterns of fraudsters' behaviour".
How does Profee protect your transfers?
We are not going to disclose all the procedures and measures performed to protect Profee transfers from fraud – because sharing too many details about our security would jeopardise it. However, our service is transparent, and some of the processes are pretty obvious to those familiar with cybersecurity.
Data storage
We use Tier4 servers for storing our clients' information. Besides, we comply with European regulations and complete necessary certifications on time to secure Profee transfers. We regularly update our PCI DSS certification and ensure all the procedures are running correctly.
Accounts and payments
We want to keep Profee transfers safe yet easy. Therefore, we try to find the balance between a comprehensive interface and fraud prevention. We reduce the number of steps our clients need to perform to a minimum, but we never lighten security measures. You may log into your Profee account only through two-factor authorisation, which reduces the risk of third-party access to a minimum. Besides, the payments are only executed after your confirmation.
Fraud detection
We use dozens of methods to detect potentially fraudulent payments. Our specialists monitor customers' activity (both automatically and manually) in real time to ensure the stable work of Profee transfers.
Customer verification
We may perform extra checkups for a variety of reasons. Apart from entering the password, we may ask some of our clients to provide certain documents to verify their identity or to go through a liveness check (moving your face with your camera on). A liveness check is more secure than, say, providing a photo with your document; for cybercriminals, faking a video is much harder than submitting a fraudulent photo. Besides, we do not store liveness check videos, so there is no need to worry about their security.
Kirill Nesterov, head of the Antifraud department at Profee: "We have successfully developed and keep supporting a strong professional culture of Antifraud policies, procedures, fraud prevention and risk mitigation tools, multilevel robust automatic solutions and relevant mechanisms based on the inbuilt system alerts, behavioural patterns, historical statistics, extensive data analyses, etc. The overall Profee fraud tolerance level has never been higher than 1%".
