Solid monitors every transaction passing through its platform. While Solid monitors and alerts the FinTech program of any suspicious activity, the FinTech program must also perform its own fraud, risk, or any specific transaction monitoring directly.
Every FinTech program is different - it must define its unique policies to monitor money movement transactions and prevent fraud. The FinTech program must be aware of how fraud can occur and the importance of risk mitigation via proper user onboarding – prevention is far better than remediation.
The FinTech program is required to report any suspicious activity to Solid, via the Dashboard.
- Left menu in the Dashboard -> Help -> Help Desk -> New Ticket.
- Create a new ticket with the type: Issue
- Provide all the information related to the suspicious activity. The more information you can provide, the easier it is for Solid to file a report (if required).
You will receive an email with the Help Desk ticket number. Solid will continue to update you on the status of the issue. It is your responsibility to communicate the findings with the customer and act as directed – which could include off-boarding the account holder from your program. To view the latest update, you can view the ticket details in the Dashboard.
Solid triages every suspicious activity report and if needed, creates a formal process with the involved parties. This could include filing Unusual Activity Report (UAR) with the bank, who in turn could file a Suspicious Activity Report (SAR) with the authorities.
Soon, you will also be able to file suspicious activity reports using the Solid Ticket API and subscribe to webhooks to be notified of the change in status.