Merchant Transaction Monitoring
On a 24hour basis and 7 days a week, we conduct routine close monitoring of our merchants’ transactions via a variety of online monitoring systems. These systems have the capability to spot and report successfully (via alerts) to JCC’s Risk Management staff, any unusual merchant transaction activities, deposits, and ambiguous transactions prior to processing.
Some of our monitoring techniques involve, but are not limited to, the following:
- Monitoring of online merchant and cardholder transaction alerts.
- Monitoring daily/weekly/monthly the merchant card transaction deposits.
- Monitoring of Visa and MasterCard fraud monitoring reports.
- Monitoring and investigating incoming "Chargebacks", "Copy Requests" reports, and cardholder disputes in general.
- Monitoring of transaction "declines".
- Strong validation and filtering of e-commerce transactions.
Fraud Investigations and Reporting procedures
Card fraud investigations are initiated and undertaken by JCC’s Risk Management staff, via cases generated from suspicious card transactions that may involve fraudulent intend on behalf of the customers/cardholders, the merchant or both. These are investigated thoroughly and in a timely manner.
If a card-fraud investigation indicates and confirms fraudulent intent, the agreement with the particular merchant will be terminated and this will be reported to the appropriate Card Schemes. If necessary the police will be informed accordingly. In such cases, Risk-Management staff reports to the local police CID departments.
Furthermore, if a merchant under investigation provides results indicating Money Laundering motives, as a result of unusually large deposits through high-value transactions incoming from questionable sources/environment, etc, this will also be reported to the competent authorities, namely the Unit for Combating Money Laundering (Mokas) and the Central Bank of Cyprus.