The Financial Commission, , today highlights one of its newly-launched services, named DisputeWatch, which intends to help its broker members spot and cease fraudulent transactions.
To get began with the service, brokers can create, upload, and monitor watchlists in the community. After that, the service will begin to routinely scan for dispute matches and send notifications to brokers, warning of potential fraudsters as quickly as it identifies them.
DisputeWatch additionally lets the broker search its community registry to see if a client has any dispute records or alerting it of suspicious clients that have the potential to abuse their business. DisputeWatch achieves this by allowing companies to enter each other’s dispute information to protect themselves from being attacked by the identical fraudsters.
The service has already amassed a list of key FX brokers such as Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM and Amana Capital.
DisputeWatch at no charge for members
Finally, the explained that DisputeWatch at present is invite only, however its members can receive access to the service at no charge as part of the recently launched “Value-Added” services.
The self regulator added in a statement :”Using the data provided by the community, DisputeWatch constantly monitors the watchlist for potential financial threats to the company and sends a notification whenever new disputes are found from people on your watchlist. It then automatically provides a visual match to help the broker see how much of the client’s information matches the information in the Community Registry. This information allows brokers to stop fraudulent transactions and disputes before they happen.”
The release of the new services comes after the Financial Commission increased the maximum amount assured under its Compensation Fund.
The decision will benefit clients of the Commission’s contributing members, which include international online brokerages that participate in global foreign exchange (forex), derivatives and cryptocurrency markets.
Specifically, the Compensation Fund increased its maximum coverage amount to 20,000 euro ($24,500) per client of an . For the claims sought by clients of a B-Category Member, the maximum amount recoverable by a claimant was hiked to 5,000 euro ($6,119). This represents an increase of over 20 percent in US dollar terms.
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