CURRENCY EXCHANGE COMPANIES

Cash Intensive Businesses with Regulatory Compliance Issues

By the very nature of their business models, companies that perform foreign currency exchange services are considered ideal targets for perpetrators of counterfeit fraud and in need of high end currency fraud prevention methods. Unidentified individuals, typically carrying fraudulent foreign identity documents, will exchange any of more than one hundred different world currencies or cash travelers checks denominated in various different world currencies. Customers of exchange centers will also often utilize stolen or fake credit cards to take cash advances. Worldwide, currency counterfeiting is a multiple hundred million dollar problem. Add counterfeit traveler checks and fraudulent credit cards, and the scope of the problem increases exponentially.

U.S. based exchange centers must also comply with a variety of laws and regulations requiring validation of identity at the point of transaction prior to continuing with the transaction. Due to the risks outlined above, currency exchange centers must be able to systematically:

• Scan and validate an evolving range of identity documents
• Properly check banknotes
• Authenticate traveler checks issued by more than a dozen different companies
• Identify counterfeit credit cards
• Capture, log and store information relating to the identity of the client (certain larger currency transactions)

FraudFighter designs and manufactures a diverse set of currency fraud prevention products that are easy to use, require little to no training and can aid in the validation of ID documents.

Currency Exchanges globally, through a non–intrusive pass or fail screening process, can transact with confidence when they employ Fraud Fighter™ protection controls which detect and deter counterfeit activities immediately and can cost less than $100.