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How WireCash Manages Fraud and Found Success Underwriting Digital Money Transfers to High Risk Markets

How well would your fraud management program perform if your organization depended on it for doing business with customers from countries like Ukraine and Nigeria? Now what if we said your business was facilitating money remittances to these countries? WireCash is doing just that, and we sought to uncover how this could be possible by talking directly with the company that found success at the intersection of one of the highest risk industries and some of the highest risk countries in terms of online fraud.

The use of custom modeling and risk analytics also allows WireCash to be more consumer-friendly than they were in their ATMCash days, and compared to most online MSBs. While WireCash may sometimes require strong authentication or verification techniques, they try to eliminate the need for this and reduce friction for most new customers through use of risk modeling and amassing many neutral or low risk signals. They have also leveraged this experience and insight to enter new markets where others wouldn’t go or would only tread lightly. WireCash today helps consumers send money to Nigeria, Ukraine, Russia, Armenia and other countries that present high risk. Money Service Businesses providing remittances to these countries have tended to offer limited services or maintain several day waiting periods.

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