Ferhan Patel

Online finance is a massive industry. Even through the recession, e-commerce grew at an unprecedented rate and left traditional shopping in its wake. Just as ATMs once replaced bank tellers, now online banking has replaced ATMs.  Billions of dollars are flying around the world over the internet, so it’s no surprise that criminals have congregated around it. It’s impossible to count how many would-be criminals are sitting at their computers in perceived anonymity, trying to discover the latest security flaw just waiting to be hacked into. That’s why any smart, responsible organization remains diligently up-to-date on the best practices and technologies to ensure that their system and their customers are never allowed to be compromised. I have devised three basic principles which should be in the DNA of any secure online finance company.     1.   Security is Foundational: This is first and foremost. Security concerns should have a role in every part of t...

MONTREAL and LONDON, Sep 10, 2013 (Marketwired via COMTEX) -- Payza, among the world's fastest-growing payment platforms for e-commerce, corporate disbursements and remittances, announced today that Ferhan Patel, Payza's chief compliance officer and director of global risk and compliance, will speak at the BayPay Forum's monthly event in September. The event, titled, "International Treasury and Payments Best Practices," will be held Thursday, September 12, 2013, 6:00 p.m. - 9:00 p.m. PDT at the Wells Fargo Training Center, 333 Market Street, San Francisco. Patel will be joined by speakers from Odesk, Square, Wells Fargo and Western Union on the program.  Patel will discuss the challenges that face a global payment processor when it enters an emerging market, including the regulatory, market and cultural considerations that the management team must incorporate into the business model and offerings prior to rollout. ...

Finance and Technology Companies Take a Stand Against Fraud As long as there has been e-commerce, there has been cybercrime. In an industry at the forefront of technological development, criminals are an all-too-common reality, hindering technological progress and creating large costs for businesses. The industry has now reached a turning point. Progress has always been the priority, and the time has come, for the sake of progress, to deal a fatal blow to fraudsters. Last month, both Visa and MasterCard announced data-sharing partnerships with anti-fraud technology companies. Visa Inc. has partnered with Ethoca, a Toronto-based fraud identification firm, while MasterCard has partnered with Kount, an Idaho-based fraud management company. The partnerships, which will allow both companies to locate and shut down fraudsters more efficiently, is part of a larger movement aimed at putting up an industry-wide united front against cybercrime. “For the first time, we are s...

Payza Helps Law Enforcement Kill a Worldwide Credit Card Fraud Ring LONDON and MONTREAL, Jun 19, 2013 (Marketwired via COMTEX) -- With Payza's help, law enforcement officials have identified and arrested 11 individuals in the UK, US and Vietnam, who have been accused of being responsible for a $200 million credit card fraud ring. This arrest is another victory in the coordinated worldwide crackdown on cybercrime. Law enforcement agencies around the globe are collaborating with financial and technology companies like Payza to identify cybercriminals, track their behaviors, and gather the evidence required for arrest and prosecution. "We have a long history of working with both local and international authorities to locate and shutdown fraud rings and the criminals behind them," said Ferhan Patel , Payza's Chief Compliance Officer and Director of Global Risk and Compliance, regarding the recent arrests. "That being said, this has been a very dynamic and exc...

Prior to joining Payza, Ferhan had been the driving force behind many successful e-commerce ventures. As a consultant for TEKsystems, for example, he successfully launched the company’s innovative health insurance portal and oversaw all aspects of the project’s life-cycle. As the co-founder and Chief Operating Officer of AlertPay, he was responsible for the company’s operating procedures - from Process, AML, Risk and Compliance, to Fraud Detection, KYC and Verification; as well as the company’s product development strategies and marketing operations. His astute technological and innovative thinking enabled AlertPay to achieve exponential growth and excellence in the industry, earning AlertPay the Quebec Technology Company of the Year award from benefice.net in 2010, and the 2011 Industry Alpha Award for Excellence in Consumer Products from the Ville St. Laurent Chamber of Commerce.

Ferhan Patel, CFCS, AMLCA CCO, Director of Global Risk and Compliance As Payza’s Chief Compliance Officer and Director of Global Risk and Compliance, Ferhan oversees the Risk, Fraud and Compliance Departments. Ferhan’s responsibilities include the development and implementation of the company’s AML/CTF, Compliance, Fraud and Risk Mitigation policies.   Ferhan is recognized as a Financial Crime Expert with robust product design knowledge and is actively involved in the product lifecycle ensuring that compliance is built in and not bolted on.   Most recently, Ferhan Patel held the position of Executive Vice President of Corporate and Product Marketing and led the company’s product development strategies, marketing operations, strategic alliances and new market opportunities. He was responsible for the company’s overall marketing strategies - from product identity, placement and strategic promotion, to corporate, public and marketing strategies and communications....