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Forex Capital Markets - Combating Global Fraud and Money Laundering

Founded in 1999, Forex Capital Markets (FXCM) now has over 150,000 live accounts trade through trading platforms offered by FXCM from over 150 countries, with an average of 8,000,000 trades executed each month and customer support is provided in over a dozen languages.

FXCM has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com. 

In order to meet the challenging and complex demands in the industry, Forex Capital Markets needed an authentication service to combat fraud on global scale. After reviewing the products and services available, FXCM selected Experian's Universal ID Check, an authentication service designed to counter the threat of identity fraud and money laundering across a range of countries. Universal ID Check helps organisations address identity risk and satisfy regulatory compliance requirements.

Experian Universal ID Check is quick and accurate. Via an Experian web user interface or XML implementation, clients select the country associated with the applicant's current residence. The screens then provide the appropriate formatting of the name, address and telephone number associated with that country. In addition to these identity elements, users also may initiate checks associated with passport details, bank account data, IP address geolocation, or a series of relevant sanctions and Politically Exposed Persons watch lists. The applicant is then authenticated, and both summary- and detail-level record results are returned.

Juan Café of Forex Capital Markets commented. "As an online foreign exchange trading firm with more than 150,000 live accounts that are traded through our platforms, authentication acrossnumerous countries via a single platform is of paramount concern and value for us.”

"Experian Universal ID Check allows us to authenticate consumers residing in multiple countries and perform a variety of effective identity checks through a single access point, saving time and cost without compromising the customer experience.”

Hiq Lee, Senior Vice President and General Manager of Experian's Fraud and Identity Solutions group said. "Effectively combating fraud in a global economy requires a global approach. Organisations that rely on documentary evidence for authentication may face increased operational costs and organisational exposure."

"They also may suffer a degraded customer experience brought about by the perceived inconvenience and security concerns associated with providing required documents. Currently covering 24 countries, Experian Universal ID Check utilises electronic data to offer a robust, cost-effective and customer-friendly system for fighting fraud in diverse markets and on an international scale.”

As an alternative to the comprehensive reporting provided through Experian Universal ID Check, Experian Universal ID Service delivers a menu of distinct capabilities that can be combined or leveraged individually as standalones, allowing users to customise the authentication checks they wish to utilise and eliminate superfluous searches.

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