Operation Choke Point has the entire financial industry on edge, with changing regulations, government fines, overly cautious banks and enraged merchants suddenly left without a merchant bank account. All things considered, it can be difficult to determine how much of what is in the news is hype, and how much is real. In the end, the best way to keep your merchant portfolio on the up-and-up continues to be careful due diligence and monitoring of your merchants and ACH originators.
We want to all believe that what we purchase on the internet can’t hurt us. We want to trust that the items we purchase from online merchants will be legitimate, that they will come to us in the condition we expect, and that they will be safe. We want to believe that the flea medication we order for our pets isn’t fake, or that the vitamins we just paid for contain what we expect. That unfortunately is not the case, as the World Health Organization estimates that 10% of medicines available globally are likely counterfeit, with up to 30% being counterfeit in some areas of Asia, Africa and Latin America.
New KYC Governor™ solution from G2 Web Services helps banks comply with Operation Choke Point guidelines for due diligence and monitoring of merchants and third-party payment processors (TPPPs).
BELLEVUE, WA, May 8, 2014 – G2 Web Services, the leading provider of merchant risk management solutions, today announced a new merchant investigation and monitoring solution that helps banks identify and manage high-risk merchants and third-party payment processors, a focus of the U.S. DOJ probe Operation Choke Point. Operation Choke Point aims to reduce illegal transactions by targeting banks as the gateway to the payment system, opening banks and their risk management processes up to intense scrutiny. The new G2 solution, KYC Governor, helps banks prevent processing payments for illegal and fraudulent businesses by identifying them before a transaction is even initiated. KYC Governor provides in-depth merchant and third-party payment processor due diligence, plus ongoing merchant risk, fraud and reputation monitoring.
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.
G2 Web Services Celebrates Ten Years of Success Providing World-Class Merchant Intelligence Solutions to the Payments Processing Industry
In 2004, G2 was established as a noble endeavor to help law enforcement investigate and identify cyber-criminals and digitally trace their illegal online activity. Within 10 years, G2 quickly grew and extended its reach to help nearly 300 strategic clients and partners spanning across 50+ countries, and providing innovative, market-leading global merchant intelligence solutions to the payments processing industry that help identify fraud and mitigate financial risk.
G2 Web Services announces FraudFile, a new fraud reporting and prevention solution that enables payment providers to prevent fraud at boarding, receive fraud alerts on current merchants, and report global fraud loss data to a central, secure location.
ST. JULIANS, MALTA, October 15, 2013 – G2 Web Services, leading global provider of merchant risk management solutions, today announced the launch of G2 FraudFile. This fraud loss prevention solution for acquirers and payment providers identifies fraudulent and potentially fraudulent merchants at boarding and alerts participants of identified fraud on an ongoing basis. FraudFile provides a unique, global, and system-neutral location for acquirers to report fraud loss data and to protect against future fraud loss, particularly from bust-out merchants and rapidly growing fraud rings.
Roy Banks, former CEO of Accelerated Payment Technologies, Inc. and President of Authorize.Net, has been appointed to the G2 Web Services Board of Directors to help guide the strategic growth of the company.
BELLEVUE, WA, September 25, 2013 – G2 Web Services, a leading global provider of payment risk management services, today announced that Roy Banks has been appointed as the newest member of the G2 Board of Directors. As an experienced payments industry executive with a history of successful executive leadership and management, Banks will be a key advisor for G2 Web Services.
G2 Listed on Annual Exclusive List of America’s Fastest Growing Private Companies, With Three-Year Revenue Growth of 115%
BELLEVUE, WA, August 23, 2013 – Today, G2 Web Services, a leading global provider of payment risk management solutions, announced that they were ranked number 2,954 on Inc. Magazine’s seventh annual Inc. 500|5000 list, an exclusive ranking of the nation’s fastest-growing private companies. G2 also ranked 82nd among the fastest growing companies in Washington State. G2 Web Services joins GoDaddy and LivingSocial, among other prominent brands featured on this year’s list.
As the new CIO, Gunawan Herri will lead the G2 Web Services technology team in developing new payment risk management solutions, and managing the G2 Merchant Map database to enable acquiring banks and payment providers to better predict risk in their merchant portfolios.
BELLEVUE, WA, June 27, 2013 – G2 Web Services, the leading global provider of payment risk management services, today announced that Gunawan Herri has joined G2 as Chief Information Officer and Vice President of Technology. In his role, Herri will be responsible for leading the technology team in enhancing current G2 technology and developing new payment risk management technology to mitigate emerging risks facing the payments industry. Herri will manage and grow the G2 Merchant Map, an extensive database comprising billions of data points on merchant risk history, to enable acquiring banks and payment providers to better predict risk in their merchant portfolios.
The newly formed partnership will allow G2 Web Services and Sysnet to deliver the G2 CompliancePlus Suite – the most comprehensive merchant compliance solution available to the payment industry, with compliance solutions for PCI DSS, third-party service providers, and merchant website compliance.
February 5th, 2013, London, United Kingdom – G2 Web Services, a leading provider of payment risk management solutions for members of the payments value chain, and Sysnet Global Solutions, a leading global provider of payment card industry compliance management services specializing in PCI DSS, announced the formation of their new partnership today at the 4th Annual G2 Merchant Risk Summit.
The partnership will enable G2 Web Services to integrate Sysnet’s PCI DSS compliance solutions into the full suite of services it currently offers to more than 200 acquiring clients globally focused on due diligence, compliance and fraud. G2 will now offer the CompliancePlus Suite, which includes Sysnet’s PCI DSS compliance management solutions.
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