Excellent MAC Midwest Training Event in Dallas on October 1, 2015! The program featured experts from across the industry on topics ranging from EMV to new trends in fraud.
Recently I had the pleasure of presenting alongside MasterCard at Merrick Bank’s 8th Annual ISO Conference on Long Island. It was an impressive event that also featured presentations from American Express, the ETA, TSYS and Visa. Our panel addressed transaction laundering case studies, but as usual we meandered into other topics of merchant acquiring risk and compliance.
E-commerce has produced a multitude of new payment methods, including e-wallets, virtual currency, mobile and wearables. Unfortunately, it has also yielded a horde of new fraud categories. One form, transaction laundering, allows…
SINGAPORE, August 26, 2015 — G2 Web Services, provider of risk solutions to clients with over half of the world’s merchant outlets, has released a new guide called Cleaning Out Transaction Laundering for risk and compliance leaders. The announcement is being made at MasterCard’s Asia-Pacific Global Risk Leadership Conference.
Last week we had the opportunity to attend the Merchant Acquirer Committee’s regional conference in Los Angeles, where I was impressed by the quality and depth of the information presented.
Last week, Allison Guidette, CEO of G2 Web Services, spoke with PYMNTS.com about the significant threat that transaction laundering poses to the payments industry. Transaction laundering is not a new problem, but it has quickly become one of the most talked about issues in the industry; and for good reason.
Bellevue, WA — July 7, 2015 — G2 Web Services, provider of risk solutions to clients with over half of the world’s merchant outlets, today announced the launch of G2 Transaction Laundering Detection. This new service will identify hidden fraud and meet transaction laundering compliance standards published July 1 by MasterCard.
In simpler times, most high risk websites could be detected by crawling and classifying the public web.
But as acquirers, processors and ISOs become more effective at stopping online fraud and prohibited activity, bad actors have gone underground. There are various means to do this. An increasingly attractive ploy is transaction laundering (TL).
Transaction laundering is a rising concern for acquirers and payment processors as it is prevalent, difficult to identify, and puts acquirers at risk for fraud, brand damage, and assessments.
Transaction laundering is an extremely difficult problem that occurs when legitimate merchant accounts are used to process unknown transactions for another line of business, be they illegal or otherwise. Using the approved merchant’s payment credentials, the unknown business processes payments for products and services that the acquirer does not know about, leaving the acquirer exposed to…
The following case study demonstrates how G2 Web Services helped a U.S. payment service provider identify unauthorized transaction laundering within its merchant portfolio, ultimately reducing its risk and creating new business opportunities.
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