Welcome!

News Feed Item

G2 Web Services Launches Industry's Most Comprehensive Transaction Laundering Detection Solution

G2 Web Services announces new service to address increasing violations and enable clients to meet new card network compliance standards

BELLEVUE, Wash., July 7, 2015 /PRNewswire/ -- 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.

G2 Web Services Logo

Built utilizing a decade of merchant monitoring data, analysis and expertise, G2 Transaction Laundering Detection is the only multifaceted approach to stop a growing problem previously known as undisclosed aggregation or factoring.

Transaction laundering occurs when a merchant processes unknown transactions on behalf of another business. The hidden business is often engaged in prohibited activities. The "front" merchant may either be colluding with or exploited by the violating business.

"Transaction laundering continues to be a growing problem for the acquiring industry," said Deana Rich, president of Rich Consulting, Inc., a specialist in risk management and compliance for acquirers. "Extensive knowledge must be combined with cutting edge technologies to reduce and hopefully one day eliminate this problem. The culprits are shrewd, skillful and global."

On July 1, MasterCard announced a formalized program with incentives to monitor and detect transaction laundering. G2 clients have observed an increase in transaction laundering attempts this year.

"Our clients have told us that they need a more comprehensive solution for identifying transaction laundering to avoid facilitating fraud, regulatory penalties, card network fines and brand damage," said Allison Guidette, chief executive officer of G2 Web Services. "Transaction laundering is not easy to solve without help. Since a transaction can enter the payment system in numerous ways, identifying the path of the transaction flow is never obvious."

The multifaceted approach delivered by G2 Transaction Laundering Detection is novel in the payments industry. Utilizing multiple techniques, this solution looks backward from merchants to violators and forward from violators to merchants, providing the industry's most comprehensive and consistent results. G2 Transaction Laundering Detection allows G2 clients to discover many types of transaction laundering, whether or not they have hosted payment pages.

G2 Transaction Laundering Detection includes:

  • Multifaceted protection
  • Insight from the G2 Merchant Map®, the industry's most extensive fraud and compliance database
  • Authoritative evaluation from G2 Web Services' expert compliance and fraud analysts
  • Proprietary methods to catch violators "red-handed" by analyzing traffic and transactions
  • Easy set-up with no integration — a simple extension of G2 Web Services' Persistent Merchant Monitoring
  • Portal-based reporting that presents all compliance risk in one place  

G2 Web Services recently uncovered a transaction laundering syndicate selling synthetic drugs through restaurant and food supply websites. G2 Transaction Laundering Detection traced a pair of colluding sites to a network of seven more sites and five more laundering pathways. This identification helped multiple G2 clients shut off laundering merchants that were facilitating the payments of prohibited stimulants.

G2 Web Services' new transaction laundering strategy was profiled on PYMNTS.com. See the article and Karen Webster's podcast here. Read more about G2 Transaction Laundering Detection at the G2 website.

About G2 Web Services

G2 Web Services is a global technology and services company that helps banks, processors and their partners ensure safer and more profitable commerce. Clients representing over half of merchant outlets globally use G2 Web Services' solutions to identify bad actors and keep them out of the payments system. Banks, processors and their partners use G2 Web Services' tools and expertise to perform better due diligence and monitoring so they can grow their portfolios while taking on acceptable risk. Widely regarded as the market leader, G2 Web Services helps clients confidently handle known and unknown threats and manage changing rules and regulations. 

G2 Web Services is headquartered in Bellevue, WA, with offices in London and Shanghai.

Learn more at: www.g2webservices.com

Logo - http://photos.prnewswire.com/prnh/20130925/SF85676LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/g2-web-services-launches-industrys-most-comprehensive-transaction-laundering-detection-solution-300109555.html

SOURCE G2 Web Services

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...