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G2 Risk Alert: FraudFile Identifies Bust-Out Fraud Ring

Post Categories: Blog, News

Last month, a European acquirer reached out to us to report a fraudulent merchant in their portfolio. Using the G2 Merchant Map®, our team quickly identified 24 other data points and linked five other G2 clients to the merchant. These clients were alerted, and provided us with even more detail on the reported merchant. From there, we identified 7 more data points and an additional G2 client.

What is the risk?
As the research has progressed, we have identified 2 principals, 10 businesses, 17 websites, and 7 financial institutions that have a connection to the merchant, and the fraud loss identified has already exceeded $2.5 million. History has shown that there will be more. FraudFile Case Study Infographic

What does this mean to you?
Our research is still ongoing, and your company may be at risk. If this merchant is processing through your company, you may be responsible for any chargebacks and the liability that comes with them. But you can be proactive. Contact us for more information on how you can check for fraudulent merchants before you board them, as well as how to monitor your current merchants for any future fraud.

If you are a FraudFile client and have provided us with your merchant data and have not been alerted to this fraudulent merchant, then you have not been connected to the bust-out. As this progresses, if we find that you are connected you will be notified via G2 FraudFile.

If you are a FraudFile client and have not provided us your merchant data, then we won’t know if this merchant is in your portfolio, and you may be at risk for chargebacks and financial penalties. If you believe this is you, please contact us to find out how to submit your data. 

Where can you learn more?
G2’s FraudFile helps you identify fraudulent merchants at boarding and persistently monitor your portfolio for fraudulent merchants to avoid losses, chargebacks, and other financial damage. If you are wondering whether you may have this merchant in your portfolio, please contact us.

See how our solutions can help you.

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