Fraud Prevention and Detection

Family remittances contribute to the national economy. However, this flow of money is also susceptible to fraud, affecting the financial security of individuals who depend on these transfers.

A robust Fraud Prevention program provides the tools to identify fraud, including systems, filters, and processes from other sources, employee referrals, and strong monitoring capabilities.

Warning signs and typologies provide Customer Service staff and other employees with a way to detect unusual or suspicious activity that could be related to fraud schemes.

Ria Panama's Fraud Prevention Program is capable not only of identifying fraud but also of preventing it. This is achieved through the use of data captured in Ria Panama's processes and transactions, and by blocking repeat perpetrators and/or victims. Ria Panama uses analytics and models to continuously implement and modify fraud prevention measures.

Compliance Team

The Compliance Department is responsible for designing, reviewing, and implementing the system of controls related to Fraud Prevention. These control systems are discussed and reviewed periodically to assess their effectiveness, along with those related to the prevention of money laundering and terrorist financing. The purpose of the review is to identify necessary improvements and plan accordingly. The system of controls is reviewed as new risks are identified and as a result of both internal and external assessments.

Strategies for preventing and detecting the risk of fraud

1. Customer Education: Understanding common fraud tactics helps individuals recognize and avoid scams. We invite you to watch the videos included on this website in the Financial Education section.

2. Identity Verification: Ria Panama has implemented automated controls for verifying the identity of our customers to prevent identity theft.

3. Red Flags: Red flags are indicators of certain types of transactions, trends, or behaviors that require thorough review and, in some cases, the creation of a fraud risk register. Ria Panama has developed a list of red flags, drawing on Ria's global experience. These red flags and their classifications provide Customer Service and other employees with a way to detect unusual or suspicious activity that could be related to fraud schemes.

FAQ

1. What are the most common types of fraud in international money transfer services?

Identity theft fraud: This type of fraud occurs when scammers, posing as a financial institution, trick victims into providing personal and financial information through emails, text messages, or phone calls.

Money advance scams: In this scheme, scammers convince victims to send money upfront to cover fictitious expenses such as fees or taxes, promising a large sum of money or prizes in return that never materialize.

Employment scams: Scammers offer fake job opportunities and, as part of the "hiring process," ask candidates to send money for training, equipment, or background checks, which are entirely fictitious.

Immigrant fraud: These scammers exploit the vulnerability of immigrants, offering them assistance in obtaining legal documents, visas, or even promising employment in exchange for money upfront.

Lottery and Prize Scams: Scammers notify people that they have won a large prize or lottery, but they must pay a "fee" or "tax" before receiving the prize. Once the victim pays, the scammer disappears.

2. What should I do if I suspect fraud?

If you suspect fraud, it is crucial that you report it to our organization as soon as possible through our customer service channels.

3. How can I ensure that my money transaction is secure?

Always conduct transactions through our authorized correspondents and never send money to people you don't know personally. Always verify the recipient's information before confirming any transaction.

4. Why is fraud prevention and detection important?

Fraud not only results in the loss of money, but it can also have serious emotional and financial repercussions for victims. Education and caution are our best weapons against scammers.

Remember, protecting your money is protecting your well-being and that of your loved ones. Together we can build a secure environment for your international transactions.