Financial Commission Highlights a New Service to Members, ‘DisputeWatch’

The Financial Commission, an external dispute resolution organization for retail traders, discussed today one of its newly-launched services, DisputeWatch, intended to allow broker members to spot and halt fraudulent transactions.

It allows brokers to create, upload, and monitor watchlists in the community. After that, it 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, and sends alerts regarding suspicious clients that have the potential to abuse a company. DisputeWatch achieves this by allowing companies to share dispute information to protect themselves from being attacked by the same fraudsters.

The service has already amassed a list of key FX brokers including Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM and Amana Capital.

DisputeWatch at no charge for members

Finally, the Financial Commission 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' service.

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 service comes after the Financial Commission ‎increased the maximum amount assured under its compensation fund.‎

The decision will benefit clients of the ‎FC’s contributing members, which include international online ‎brokerages ‎that participate in global foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term ‎‎(Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term), derivatives and ‎cryptocurrency markets.‎

Specifically, the compensation fund increased its maximum ‎coverage amount ‎to 20,000 euros ($24,500) per client for A-Category Members. For ‎the claims sought by clients of B-Category Member‎s, the maximum amount ‎recoverable was hiked to 5,000 euros ($6,119). This ‎represents an increase of over 20 percent in US dollar terms.‎