Enrique Azuara

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Online lending: How to build a powerful process to eliminate fraud

During the last two years, we’ve been actively discussing this crucial subject with our clients operating in online lending and microcredit spaces. Our objective was to understand how we could help them reduce drastically the number of default rates they encounter on their websites. The main keyword here? Process. And no, this is not a scary word – it’s just the most efficient way of dealing with user verification in your company.

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Lending: the 2 things you should ALWAYS ask your customers to avoid fraud in LatAM

Did you know that in Mexico, financial companies (ie. banks or lending services) were 3 times more targeted by fraudsters? Even worse: according to a study by Lexis Nexis from last year, the amount of money they lost to frauds is 8 times bigger than what other companies have declared. For them, cost of fraud tends to reach an awful 2.39% of annual revenue.

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Crypto in Mexico: Is All Hope Lost?

Mexico was the first country to issue sector-specific regulations for FinTech companies, published in March 2018 (the “FinTech Law”). Among other subjects, it addressed companies which use digital assets, provide financial advisory, carry out crowdfunding, and perform electronic payments. Later that year, in September, the complementary regulations were issued. Still, a lot of loopholes with regard to digital assets were still pending, which is why a further complementary regulation was discussed and worked on.

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FinCEN on Crypto, and How It Affects You

The Financial Crimes Enforcement Network (“FinCEN”) issued several rules which must be followed by anyone dealing with currency (“real” or virtual), in any way. The FinCEN has defined what it deems as a user, an administrator, and an exchanger of virtual currency, on the understanding that “virtual currency” is regarded as a medium of exchange accepted like currency in some environments, but lacking the legal tender status.

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Why Cashing In & Out Of Crypto Exchanges Is (STILL) A Pain In The Ass.

The Financial Crimes Enforcement Network (“FinCEN”) issued several rules which must be followed by anyone dealing with currency (“real” or virtual), in any way. The FinCEN has defined what it deems as a user, an administrator, and an exchanger of virtual currency, on the understanding that “virtual currency” is regarded as a medium of exchange accepted like currency in some environments, but lacking the legal tender status.

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Rental Industry & How To Fight Fraud

The Vacation Rental industry has, in recent years, become very targeted by fraudsters because of its high-ticket items (the average price of a fraudulent booking ranges from $238-$588, according to Sift Science) and intangible goods – which means there is nothing to collect. In addition, with instant booking capabilities, it becomes increasingly difficult for small teams to investigate every transaction and quickly detect fraudulent activity.

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