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FinCrime Glossary

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A

  • Account takeover (ATO)


    ATO is a form of identity theft where criminals gain access to someone’s account without permission. They use it to make unauthorized purchases, transfers or other actions as if they were the real owner.

  • Adverse media screening


    Adverse media screening (also known as negative news screening) is an important part of customer due diligence (CDD). It involves checking whether a customer or prospective customer appears in negative news reports or data sources to identify and prevent potential risks like fraud or other criminal activities.

  • Anti-money laundering (AML)


    AML refers to the laws, rules and processes designed to stop criminals from using the financial system to hide or move money made through illegal activities.
C

  • Customer due diligence (CDD)


    CDD is the process of verifying a customer’s identity and assessing the risks of doing business with them.

  • Chargeback management


    Also called chargeback mitigation or chargeback prevention, it’s the strategy businesses use to reduce both legitimate and fraudulent chargebacks.

  • Chargebacks


    A chargeback is the reversal of a credit or debit card transaction to protect cardholders from unauthorized or fraudulent charges. It happens when a customer disputes a charge with their card issuer.

  • Credit union


    A credit union is a not-for-profit financial institution that accepts deposits, makes loans and offers a range of other financial services. Unlike banks, credit unions are owned by their members and exist to serve their members’ financial needs, often providing lower fees and better rates.

  • Crypto compliance


    It’s the process of following laws and regulations designed to prevent money laundering and terrorism financing. Tools and internal processes help meet cryptocurrency AML requirements and manage risks effectively.

  • Cybersecurity


    Cybersecurity is the practice of protecting digital assets — such as computers, devices, networks and data — from malicious attacks and unauthorized access.
E

  • Ecommerce fraud


    It refers to the use of illegal or deceitful tactics to get goods or services from online retailers without intending to pay for them. Common examples include using stolen credit card details, making false claims to trigger chargebacks or creating fake accounts to exploit promotions.

  • Enhanced due diligence (EDD)


    EDD is a deeper form of risk assessment for high-risk customers — such as politically exposed persons (PEP), customers from high-risk countries or those in vulnerable industries. It involves collecting and analyzing extra information to help detect and prevent crimes like money laundering or terrorist financing.
F

  • Financial crime risk management (FCRM)


    FCRM is the practice of actively detecting financial crime, investigating suspicious activity, identifying vulnerabilities and taking steps to reduce the risk of an organization being targeted.

  • Fintech


    Short for “financial technology,” it refers to the apps, software and tools that help individuals and businesses access and manage their finances digitally.

  • Fraud detection


    It’s the process of monitoring, identifying and stopping illegal activity by analyzing data and spotting patterns that signal fraud.
I

  • Identity verification


    Identity verification is the process of collecting and checking personal information to confirm that a customer is who they say they are.

  • Insurtech


    InsurTech (short for “insurance technology“) is the use of modern technologies like AI, big data, blockchain and machine learning to make insurance services faster, smarter and more efficient.
K

  • Know Your Business (KYB)


    KYB is the process of collecting and verifying information about a business, its ownership and related parties. Financial institutions use KYB to confirm a business’s identity, assess risk and avoid exposure to money laundering, fraud or other illegal activity.

  • Know Your Customer (KYC)


    KYC involves gathering and checking customer information to confirm their identity. It helps financial institutions prevent fraud, identity theft and money laundering by making sure they have accurate details about the people they do business with.

  • Know Your Transaction (KYT)


    KYT is the process of monitoring and analyzing transactions to detect suspicious or illegal activity. It helps financial institutions spot unusual patterns, prevent financial crime and respond to risks in real time.
P

  • PCI compliance security


    PCI (Payment Card Industry) compliance is a set of security standards that companies must follow to protect credit card data and ensure safe handling of payment information.
S

  • SAR


    Suspicious activity reports (SARs) support law enforcement in identifying trends and patterns in financial crime, helping them detect and prevent criminal activity early.
T

  • Transaction monitoring


    Transaction monitoring is the process of tracking and analyzing financial transactions in real time or afterward to spot suspicious activity, ensure compliance and help prevent financial crimes.
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