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Tis’ the Season for Fraudulent Merchants

Fraudulent merchants are abundant during the holiday season, profiting from consumers’ generous spending during the most lucrative shopping days of the year. According to a report by ComScore, online retailers are estimated to bring in over $52.2 billion during November and December in the U.S. alone. The volume of transactions in such a short period of time is the perfect breeding ground for fraud schemes that can hurt acquiring banks and payment providers. Not only do the holidays bring an increase in merchant fraud, but they are also a popular time for merchants to add non-compliant goods to their websites, as these can often be very profitable. Monitoring merchants for compliance and fraud is imperative for acquirers and payment providers during this busy shopping season to prevent possible brand damage and financial loss.

Post Date: December 11, 2013May 29, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Risk

Bust-Out Merchant Tactics and Fraud Prevention Strategies

The payments industry continues to make advancements in fraud prevention and protection, leaving fraudsters to find more creative ways to cheat the system. One of the fastest growing fraud schemes today is bust-out merchants, fraudulent merchants that rack up transactions, steal money, and then close down shop before being caught. By the time the acquiring bank receives a chargeback notification, the merchant is already gone, leaving the acquiring bank responsible for chargebacks and any additional fees they incur as a result.

Post Date: November 27, 2013May 27, 2020 Post Categories: Blog, Merchant Fraud, Merchant Risk

G2 Hosts Merchant Risk Workshop in Shanghai

Ed Barton, G2 Web Services President, and Emily Sander, Director of Client Management, recently returned from China where they hosted a G2 Merchant Risk Workshop in Shanghai, along with Sophia Chen, G2 Regional Director – Asia-Pacific. The G2 Merchant Risk Workshop hosted numerous Chinese payment service providers, major e-commerce acquirers, as well as Visa and MasterCard. Presentation topics included How IP Rights Law in the U.S. Impacts Chinese Merchants and Acquirers, G2 Persistent Merchant Monitoring and best practices for monitoring merchant websites for compliance, as well as a client testimonial from a G2 client.

Post Date: November 22, 2013May 27, 2020 Post Categories: Blog

Predicting Merchant Risk With Data Mapping

Data mapping has increasingly become one of the most important tools to identify and manage merchant risk in the rapidly shifting payments landscape. When reviewing a merchant application and its basic business information, there is much more than meets the eye. Often, there lies an entire network of connections between the merchant and existing domains, directors, IP addresses, third party providers, and risk history. Why does this matter? Well, if it is possible to identify relationships or connections between a new merchant on the web to current or previous entities, it’s possible to gather enough data to predict what risk they present to an acquirer or payment provider. Prediction rather than reaction is essential in mitigating merchant risk and fraud, both at boarding and throughout a merchant relationship.

Post Date: November 20, 2013May 27, 2020 Post Categories: Blog, Merchant Boarding, Merchant Risk

G2 Sponsors the Visa Europe Acceptance Risk Forum

G2 Web Services sponsored and spoke at the Visa Europe Acceptance Risk Forum in London, England. The conference, held over two days, brought together the acquiring community, regulatory bodies, law enforcement agencies and NGOs to discuss the latest industry trends and solicit feedback from Visa members.

Post Date: November 11, 2013May 27, 2020 Post Categories: Blog, Events, News & Events

Unlocking “Siloed” Merchant Fraud Data

Merchant fraud is a costly problem for acquirers and payment providers, with global card fraud losses reaching $11.27 billion last year, according to the Nilson Report. G2 Web Services conducted an investigative case study that demonstrated how many acquirers just one fraudulent merchant can touch. The findings were concerning, and highlighted the need for a secure, neutral location for payment providers to share fraud data to mitigate financial losses.

Post Date: November 6, 2013May 27, 2020 Post Categories: Blog, Case Study, Merchant Fraud

Cyberlockers and Marketplace Merchants

This week, we sat down with Robert H. Caldwell, Founding Partner of G2 Web Services, to interview him on cyberlockers and marketplace merchants, and the risk they present to the payment system. Read on for Bob’s insights into where cyberlockers and marketplace merchants fit in the payment system, the risks associated with them, and best practices for payment providers to mitigate risk associated with these entities.

Post Date: October 28, 2013May 15, 2020 Post Categories: Blog, High-risk Merchants, Know Your Customer, Merchant Risk, Prohibited Content

G2 FraudFile Launched at Mastercard Risk Management Conference

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.

Post Date: October 22, 2013May 15, 2020 Post Categories: Blog, Events, News, News & Events

G2 Launches FraudFile to Fight Bust-Out Merchants

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.

Post Date: October 15, 2013May 15, 2020 Post Categories: News, News & Events, Press

5 Products That Can Indicate Potential Violations

As an acquirer, knowing what your merchants are selling is key to minimizing your risk for potential violations, especially since merchants can add products to their websites at any given moment, without your knowledge. New products are constantly put on the market, and unfortunately, illegal and risky products are often hard to detect and monitor. Without being aware of these products, you run the risk of brand damage and potential violations, including regulatory fines and even legal penalties. While the list of goods and services that violate MasterCard’s BRAM program and Visa’s Global Brand Protection program (not to mention the law) is exhaustive, G2 Web Services has compiled a list of five lesser-known products that we have identified on merchant websites that you should be on the lookout for.

Post Date: October 4, 2013June 11, 2021 Post Categories: Blog, High-risk Merchants, Illegal Drugs, Illicit Goods, Know Your Customer, Prohibited Content

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