At the 7th Annual Prepaid Expo, taking place this year in Las Vegas, Nevada, on March 12-13, 2012, attendees will have the opportunity to schedule one-on-one meetings with experts from an array of Prepaid specialties. Filip Verley, the Director of Risk & Compliance Operations at TxVia, will be our featured expert on the topic of Risk / Fraud.
1. The rise in identity theft and concerns about the negative leveraging of these breaches for the purposes of tax fraud and money laundering.
2. The continuing diversification in features and services available to prepaid cardholders to include elements such as bank-to-card loads, bill payment options and check cashing components increase the opportunity structure for those hoping to exploit prepaid card products for fraudulent purposes.
3. The increasingly rigorous post-Durbin regulatory environment to include tightening Regulation E strictures make the importance of employing leading risk management personnel, processes and tools to safeguard the interests of cardholders and various financial stakeholders.
1. How do I avoid losing money?
2. Will the new regulations and requirements hurt and/or impact my business?
3. What are the inherent risk exposures and challenges associated with each of the prepaid verticals?
When a program manager/client explains their program, they understandably want to have the best program possible. TxVia works with the clients to strike the balance between great customer experience and contained financial risk. Programs falling outside established standards tend to attract an element that will often attempt to exploit it to the fullest extent.
For example, most standard checking accounts cap ATM withdrawals at $400.00 per diem. Prepaid products enabling $1,000 or even $1,500 per day are simply taking serious and ultimately avoidable risks.
Filip Verley is Director of Fraud and Compliance in the Managed Services Division. Mr. Verley is located in Florida. Mr. Verley joined TxVia in August of 2008. He has over 10 years of credit/debit and prepaid card fraud experience. Mr. Verley has worked both the acquiring and issuing side of the industry.
Prior to joining TxVia, Mr. Verley was responsible for Fraud, Negative Balance Management and Dispute Case management at Fidelity National Information Services. Mr. Verley successfully ran a risk department responsible for managing over 50 clients. Mr. Verley joined FIS through the acquisition of eFunds, who had previously acquired Wildcard Systems where Mr. Petersen had worked since 2004.
You can schedule a meeting with Filip Verley at Prepaid Expo here, if you need help with client risk setup and configuration.