Refine Your Transaction Monitoring for Holiday Scam Prevention

As summer holidays approach, so do the opportunities for criminals to extort more money through fraud. It’s “holiday scam season”. 

This year, with the summer weather in the UK being pretty rubbish, more of us than ever will be hoping to get away for some sun. As a result, criminals will be ready to exploit our desperation and leave us out of pocket. 

UK Finance’s Take Five to Stop Fraud Campaign has issued fresh warnings about holiday scams, including cloned holiday company websites and dodgy social media adverts. 

As well as warning consumers to be aware of such scams, it’s a good time for firms to revisit their transaction monitoring rules, to make sure that they’re correctly tuned to identify potential scams or unusual activity by customers.  

Monitoring transactions and customer behaviour allows you to flag transactions which are out of the ordinary.  

Some transaction monitoring rules will identify behaviour which suggests that customers may be the victim of fraud, but it’s equally important to look at incoming payments. You may identify accounts which are being used by the criminals to receive the proceeds of these frauds. 

Jade ThirdEye’s powerful rules engine allows users to construct new rules and test them against live data in our “sandbox” environment, helping our customers to quickly adapt to changing financial crime risks. 

If you would like to chat with one of our experts about how Jade ThirdEye can help you stay on top of evolving threats, please get in touch below.