A suspect transaction is a transaction that raises suspicion or is suspected of criminal involvement.
A suspect transaction will be listed on Visa and MasterCard’s warning bulletin, an electronic list of cards that are no longer in use or have been stolen or reported. When a suspected transaction is taking place it will flag up on the system or on the point-of-sale card terminal. This can be used to report money laundering or fraud.
A company may keep the financial statements of a customer, previous and recent, if a suspect transaction takes place. As well as details of the nature of the customer’s business or employment, expected source of funds or the purpose and nature between signatories.
There are many different ways and guidelines when submitting a suspect transaction report and this depends on the country in which a company is based.
Payment Processing Services by NOIRE
NOIRE provides industry leading online payment processing services & risk management technologies. Designed using NOIRE, “Simply Switch On”, approach to payment processing, our payment solutions are built using the latest payment processing technology enabling businesses to “Plug In” and “Switch On” payment modules with ease if and when required.
As a leading Payment Service Provider, you can trust NOIRE to find the right solution for your business. We provide everything in one simple agreement – your Internet Merchant Account, Payment Gateway and Payment Processing with all the leading cards issuers. Combined with NOIRE’s industry leading fraud & risk management solutions, merchants can be confident managing their payments safely and securely from beginning to end with NOIRE.
Ready to get started?
If you want to learn more about Noire our team is here to help.