{"id":2351,"date":"2020-12-09T14:37:07","date_gmt":"2020-12-09T09:07:07","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=2351"},"modified":"2023-01-17T13:02:46","modified_gmt":"2023-01-17T07:32:46","slug":"addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/","title":{"rendered":"Addressing merchant fraud and the KYC challenge for B2B platforms and aggregators"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#Fraud_at_the_merchant_level\" >Fraud at the merchant level<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#Challenges_and_solutions_for_merchant_fraud_detection\" >Challenges and solutions for merchant fraud detection<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#Regulatory_steps_to_improve_fraud_management\" >Regulatory steps to improve fraud management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#Enabling_proper_fraud_safeguards\" >Enabling proper fraud safeguards<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\"><strong>This article was first published on <\/strong><a href=\"https:\/\/www.medianama.com\/2020\/12\/223-addressing-merchant-fraud-and-the-kyc-challenge\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Medianama<\/strong><\/a><strong>, dated December 9th, 2020.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>By Asheeta Regidi and Reeju Datta<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many Business-to-Business (B2B) service providers today perform a function much like payment aggregators (PAs), of on-boarding merchants into the digital ecosystem. Whether through easing access to financial services, markets access or resolving any other issue via a range of services, these players enable businesses of all shapes and sizes to explore their potential. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PAs, banks, Business-2-Business (B2B) and Business-2-Consumer (B2C) e-commerce marketplaces, aggregators of offline retailers (like digital bookkeeping apps), non-bank lending to Small-Medium-Enterprises (SME), B2B neo-banks, and others (collectively, \u2018Aggregators\u2019) all play a similar role. While these players bring benefits like efficiency and financial inclusion, they also encounter the same problem, the scale of which is fairly unique to India, of&nbsp;tackling merchant fraud<span id='easy-footnote-1-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-1-2351' title=' Article by Ron Teicher: &lt;em&gt;Three Types of Merchant Fraud: A Guide For Merchant Acquirers&lt;\/em&gt;, Finextra, dated November 21&lt;sup&gt;st&lt;\/sup&gt;, 2017. '><sup>1<\/sup><\/a><\/span>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fraud during online transactions is very often associated with payment processing, and payment processors and PAs consequently. Today, as providers of indirect access to the financial system, effective end-merchant verification is an equally crucial challenge for all Aggregators.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fraud_at_the_merchant_level\"><\/span>Fraud at the merchant level<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Transaction level fraud in payments, such as unauthorized transactions via stolen cards\/phishing or false refund\/chargeback claims, often occurs at the individual level, and is largely mitigated due to mandatory&nbsp;two factor authentication<span id='easy-footnote-2-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-2-2351' title=' RBI Notification: &lt;em&gt;Security Issues and Risk mitigation measures related to Card Not Present (CNP) transactions&lt;\/em&gt;, RBI\/2011-12\/145, dated August 04, 2011.'><sup>2<\/sup><\/a><\/span>. However,&nbsp; merchant level fraud occurs at the business level, and is rampant. The larger scale is because multiple users can be duped at once, also making merchant fraud the major cause of fraud induced losses for PAs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fraud itself can occur through multiple means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An inoperative business posing as an operative one<\/li>\n\n\n\n<li>A restricted\/prohibited business posing as a lower risk business<\/li>\n\n\n\n<li>A fake storefront set up to execute&nbsp;bust-out fraud <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Different service providers face different types of merchant frauds. For example, while e-commerce marketplaces face issues with sale of inauthentic products or non-delivery, lenders providing business loans can find that these are utilised for personal purposes or were disbursed to shell companies. The aim of the fraud can also vary, PAs, for example, face fraudulent transactions which aim to dupe users, and also money laundering and tax evasion tactics which aim to dupe the authorities. Identity, however, often forms the crux of merchant fraud, whether as a fake business or a legitimate business conducting fraudulent activities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_and_solutions_for_merchant_fraud_detection\"><\/span>Challenges and solutions for merchant fraud detection<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The means of deception can range from forging identification documents, creating fake business profiles\/storefronts, forging invoices\/ receipts, restructuring transactions to fall below reportable thresholds and other techniques. To effectively monitor fraud, a holistic approach, involving the merchant\u2019s entire portfolio and proper technological support is thus, required.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Applicable regulatory mandates also require risk management frameworks comprising pre on-boarding Know-Your-Customer (KYC) and screening, and post-on-boarding monitoring of merchant behaviour and transactions. These do however permit risk-based flexibility with actual adopted solutions. Internal risk profiling, periodic updates, and fraud reporting (to the&nbsp;Financial Intelligence Unit of the Government&nbsp;(FIU-IND)<span id='easy-footnote-3-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-3-2351' title=' Website of Financial Intelligence Unit &amp;#8211; India. '><sup>3<\/sup><\/a><\/span>,&nbsp;Central Bureau of Investigation\/Police<span id='easy-footnote-4-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-4-2351' title=' RBI Notification: &lt;em&gt;Frauds \u2013 Classification and Reporting&lt;\/em&gt;, RBI\/2014-15\/85, dated July 01, 2014.'><sup>4<\/sup><\/a><\/span>,&nbsp;Reserve Bank of India\u2019s (RBI) Department of Banking Supervision<span id='easy-footnote-5-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-5-2351' title=' RBI Notification: &lt;em&gt;Master Direction &amp;#8211; Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016&lt;\/em&gt;, RBI\/DNBS\/2016-17\/49, dated September 29, 2016.'><sup>5<\/sup><\/a><\/span>, and others) are also required. Even where there are no mandates, Aggregators carry out these via self-imposed checks. Different checks allow recognizing different fraud indicators, and in the process also encounter specific challenges:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><em>Digital on-boarding processes:&nbsp;<\/em><\/strong>Consider the digital checks backing increasingly digital on-boarding processes, for example the&nbsp;RBI<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regulatory_steps_to_improve_fraud_management\"><\/span>Regulatory steps to improve fraud management<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Along with the above steps that Aggregators can take, regulatory initiatives (that are balanced with ease of business) can also help. Currently, all \u2018regulated entities\u2019 (PAs, non-bank lenders and others,) have to conduct merchant due-diligence and KYC as per the RBI\u2019s&nbsp;KYC norms<span id='easy-footnote-6-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-6-2351' title=' RBI Notification: &lt;em&gt;Master Direction &amp;#8211; Know Your Customer (KYC) Direction, 2016&lt;\/em&gt;, RBI\/DBR\/2015-16\/18, updated on April 20, 2020.'><sup>6<\/sup><\/a><\/span>. Applicable regulatory frameworks for specific Aggregators\u2014PA Guidelines<span id='easy-footnote-7-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-7-2351' title=' RBI Notification: &lt;em&gt;Guidelines on Regulation of Payment Aggregators and Payment Gateways&lt;\/em&gt;, RBI\/DPSS\/2019-20\/174, updated on November 17, 2020.'><sup>7<\/sup><\/a><\/span>,&nbsp;Consumer Protection (E-Commerce) Rules&nbsp;<span id='easy-footnote-8-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-8-2351' title=' Ministry of Consumer Affairs, Food and Public Distribution Notification: &lt;em&gt;Consumer Protection (E-Commerce) Rules, 2020&lt;\/em&gt;, The Gazette of India : Extraordinary, dated July 23, 2020.'><sup>8<\/sup><\/a><\/span>, 2020,&nbsp;NBFC-P2P Lending Directions<span id='easy-footnote-9-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-9-2351' title=' RBI Notification: &lt;em&gt;Master Directions &amp;#8211; Non-Banking Financial Company \u2013 Peer to Peer Lending Platform (Reserve Bank) Directions, 2017&lt;\/em&gt;, RBI\/DNBR\/2017-18\/57, updated on December 23, 2019.'><sup>9<\/sup><\/a><\/span>,&nbsp;Trade Receivables Discounting System Guidelines<span id='easy-footnote-10-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-10-2351' title=' RBI Guidelines: &lt;em&gt;Guidelines for the Trade Receivables Discounting System (TReDS)&lt;\/em&gt;, updated on July 02, 2018.'><sup>10<\/sup><\/a><\/span>,&nbsp;among others\u2014also mandate steps to protect end-customers. There are a few further steps that regulators can implement to help ease verification processes:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Improving merchant fraud data and access:&nbsp;<\/strong>Existing published data on&nbsp;financial fraud&nbsp;<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Enabling_proper_fraud_safeguards\"><\/span>Enabling proper fraud safeguards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While fraud primarily impacts consumers, involved entities aren\u2019t spared either, be it through regulatory sanctions\/fines, legal action, chargeback liability, or significantly, damage to&nbsp;reputation and public trust<span id='easy-footnote-11-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-11-2351' title=' Media Report by Himanshi and Ashwin: &lt;em&gt;Digital payment firms join Paytm in fight against Trai, telcos over financial frauds&lt;\/em&gt;, The Economic Times, updated on September 22, 2020.'><sup>11<\/sup><\/a><\/span>. The&nbsp;Phatak Committee<span id='easy-footnote-12-2351' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/blogrevamp.cashfree.com\/addressing-merchant-fraud-and-the-kyc-challenge-for-b2b-platforms-and-aggregators\/#easy-footnote-bottom-12-2351' title=' RBI Publication: &lt;em&gt;Report of the Committee on the Analysis of QR (Quick Response) Code&lt;\/em&gt;, dated July 10, 2020.'><sup>12<\/sup><\/a><\/span>&nbsp;identified on-boarding as the biggest hindrance in bringing India\u2019s 45-60 million merchants (including mom and pop stores and small format merchants) online. B2B services and aggregators play an important role, and the suggested steps work towards both effective fraud tackling and removing on-boarding friction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digitisation with proper safeguards are thus essential on both counts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This explores in detail steps for addressing the fraud &#038; KYC challenge B2B platforms &#038; aggregators face today with effective end-merchant verification &#038; monitoring.<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1383,1412],"tags":[],"class_list":["post-2351","post","type-post","status-publish","format-standard","category-all","category-payments","category-policy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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