Nowadays, cyber-attacks and malware targeting in the finance industry are becoming more precise, complicated and difficult to detect. Banks and payment processing companies do what they can to prevent them by regularly implementing new protection measures against new types of attacks.
The purpose of KYC is to prevent banks or financial institutions from being exploited by criminal elements for money laundering. Related procedures also allow them to better understand their clients and their financial transactions.
A chargeback is a type of refund that’s initiated by the card issuer on behalf of the client (the card holder initiates the entire procedure by contacting his bank). It is also a mechanism aimed at protecting the consumer. If the customer believes that the good they have purchased or services were inconsistent with the contract or they notice transactions that they don’t recognize – then the customer can request a refund in the form of a chargeback.
In the wake of the global pandemic, after many businesses moved into the online space, e-commerce has truly boomed. But simultaneously, what also boomed is the amount of online fraud. Just in one year from 2019 to 2020 the number of frauds in the US has almost doubled, and worldwide the trend is very similar.
ZEN.COM is a licensed financial institution under the supervision of the Central Bank of Lithuania approved by European Banking Authority for 31 countries. Registration number of the company 304749651, VAT ID LT100011714916. License of electronic money institutions number LB000457. Share capital 2.185.000,00 EUR. Company address: Mėsinių g. 5, LT-01133, Vilnius, Lithuania. Sales Office: ul. Emilii Plater 53, 00-113 Warsaw, Poland.