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G2 Web Services Announces FraudFile at MasterCard Risk Management Conference

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Malta

– October 22, 2013 – Last week, G2 Web Services attended the MasterCard Global Risk Management Conference in Malta, which focused on bringing together industry leaders to discuss the latest tools in fraud prevention. G2 presented on a number of topics, including compliance best practices, payment facilitator risk, and fraud prevention within the payments community. G2 also launched G2 FraudFile, a new fraud reporting and prevention solution, at the conference.

Increased Communication and Transparency to Reduce Fraud

Keith Groves, G2 Vice President, participated in a panel on “Detecting and Preventing Merchant Bust-Out Fraud”. Keith presented on the issue of “siloed” fraud data, a common problem that occurs when acquirers experience fraud loss (i.e. from a bust-out merchant or fraud ring), but are unable to safely and effectively share their fraud data with other payment providers. The presentation suggested that the key to preventing the spread of fraud is to enable acquirers, PSPs and ISOs to cross-reference merchant data and share fraud loss information to prevent further fraud. Ed Barton, G2 President, presented on “Protecting Against Fraudulent Merchants”, where he shared an investigative G2 case study that illustrated just how necessary a central fraud database is to the payments community, revealing how one fraudulent merchant G2 investigated had connections to 83 related URLs, made up of 56 merchants and 32 acquirers, all of which could potentially be affected by that single fraudulent merchant.

G2 FraudFile – A New Merchant Fraud Prevention Solution

G2 Web Services also announced the launch of G2 FraudFile, a new merchant fraud detection and prevention solution. G2 FraudFile provides a secure, neutral and central location for members to post and access information about fraudulent or criminal activity.  FraudFile helps break down the barrier of “siloed”fraud information – G2 believes that if one payment provider knows about a fraudulent merchant, everyone should. FraudFile Alert monitors clients’ merchant portfolios for fraud on an ongoing basis. Anytime fraud is detected or reported, FraudFile Alert sends a notification to all the acquirers and payment providers in the program that have connections to the fraudulent merchant, notifying them of the fraudulent activity. G2 FraudFile also helps acquirers and payment providers protect against fraud at boarding. FraudFile Boarding analyzes potential merchants against the G2 Merchant Map and identifies any fraud or potential fraud, helping to prevent acquirers from boarding risky merchants. G2 Web Services also exhibited at the MasterCard Global Risk Management Conference and sponsored the Gala Dinner. Keith Groves gave a presentation on Compliance Program Best Practices at MasterCard Compliance Day as well. Contact us to learn more about G2 FraudFile today Visit the G2 FraudFile webpage

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