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Old Fraud, New Tricks

Post Categories: Blog, News

How using new tools to identify fraud can help you prevent damage to your portfolio

– September 16, 2014 –

Old Fraud, New Tricks Final Version

Using FraudFile – G2’s innovative fraud prevention tool for boarding and due diligence – a G2 Web Services client identified 54 merchants who had previously been terminated for fraudulent activity, were operating additional active accounts in their portfolio.

These 54 merchants represented more than $1 million dollars in previous fraud loss.

FraudFile also found 12 of the client’s reported fraudulent merchants attempting to re-board with them. Though they had changed most of their information, these merchants were identified with just one or two key data point matches.

These 12 merchants alone had previously accounted for $390,000 in fraud damages.

By performing proper due diligence at boarding, and submitting their reported fraud merchants to the FraudFile database, the acquirer was able to not only identify and stop, but also to prevent future fraud loss from occurring.

While FraudFile does allow clients to securely and anonymously share fraud information, this client was able to save potentially $1.4 million dollars merely by using their own data.


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