Patel will oversee Payza’s risk, fraud and compliance departments and will be responsible for the company’s anti-money laundering and risk mitigation policies. Patel previously led the company’s product development strategies, marketing operations, strategic alliances and new market opportunities.
“Finding the right balance between compliance and usability permeates to the very core of our industry,” Patel said in a release, stressing the need for the company’s business units to communicate internally to avoid duplicate security demands on customers.
“Our customers want the highest level of protection with the least amount of intrusion. In order to keep the customer experience at the forefront of our offerings, when we request information from our customers, we must keep in mind how this affects our customers,” Patel said in the release.
The payments market faces a number of ongoing fraud challenges. Javelin recently reported identity fraud incidents have reached a three-year high. One notable incident saw $45 million in fraudulent cash withdrawals attributed to a handful of prepaid cards processed by Enstage and ElectraCard Services.