Transaction Monitoring‌ Data Room Solutions

According to various information sources, there are currently about 5 billion payment cards in circulation on the world market, which is why it is very important to use the data room solutions.

The Importance of the Data Room Solutions in Transaction Monitoring

The data room solution, according to the law, is the emergence of a new company, and all the rights and obligations of two or more companies will be transferred to it, and these companies themselves will cease their activities. That is, this is a combination of companies, as a result of which a completely new legal entity is created. The merger of companies is the termination of one or several companies with the transfer of all rights and obligations to another company. Accordingly, one of the companies participating in the transaction will continue to exist.

The data room solutions of a person responsible for internal control over the processing of personal data and release from these duties are carried out by the head of the operator. When appointing a person responsible for exercising internal control over the processing of personal data, the powers, competencies, and personal qualities of an official are taken into account, allowing him to properly and fully exercise his rights and fulfill the obligations provided for by legislation and local acts of the operator.

Over the long years of existence of transaction monitoring crime, many such methods have been developed, and they are constantly being improved by the criminal community in parallel with the development of card technologies and organizational and technical methods of combating fraud. In general, the fight against unauthorized access to payment card details and confidential data of their holders is extremely important, relevant, and deserves separate consideration:

  • recovery of personal data modified or deleted due to unauthorized access to them;
  • establishing the procedure for accessing personal data, including those processed in the information resource (system).

Avoid Fraud Monitoring with the Data Room Solutions

The number of bank clients is growing, the verification process is becoming more complicated, and regulatory requirements are also becoming more stringent. To manage reputational risks and fines in such an environment, banks need effective technological solutions. Although some banks have already begun to implement automation of monitoring transactions on customer accounts, it has not yet become widespread. What indicators of suspicious transactions are difficult to identify, and how can automated systems help in identifying them? How to choose an IT transaction monitoring system with data room solutions?

The fight against fraud to one degree or another is carried out by all credit and financial institutions that issue and acquire bank cards. The difference between the role of each of them in this direction lies only in the extent to which this activity is a priority for a particular structure and how professionally it is organized from a legal, administrative and technological point of view. The practice shows that until recently most banks determined the relevance of risk management and fraud monitoring on their own, based on the volume of existing business and current losses from fraudulent transactions.

One of the most widespread data room solutions is the creation of one or several companies with the transfer of part of the rights and obligations of the reorganized company to them. However, in this case, there is no termination of the activities of the company that transferred part of the rights and obligations.