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
The Crypto community has run out of anarchists, libertarians and almost absorbed all the speculators it can handle, the next 100m users to join Crypto need a world class application to use. What will it be? Alex Mashinsky, a 7X founder & CEO of Celsius Network will discuss his view of the future of Crypto.
Docker and Kubernetes are key elements of modern cloud native deployment automations. After building your microservices, common practice is to create docker images and create YAML files to automate the deployment with Docker and Kubernetes. Writing these YAMLs, Dockerfile descriptors are really painful and error prone.Ballerina is a new cloud-native programing language which understands the architecture around it - the compiler is environment aware of microservices directly deployable into infra...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, will discuss how to use Kubernetes to setup a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace....
When Enterprises started adopting Hadoop-based Big Data environments over the last ten years, they were mainly on-premise deployments. Organizations would spin up and manage large Hadoop clusters, where they would funnel exabytes or petabytes of unstructured data.However, over the last few years the economics of maintaining this enormous infrastructure compared with the elastic scalability of viable cloud options has changed this equation. The growth of cloud storage, cloud-managed big data e...
Blockchain has shifted from hype to reality across many industries including Financial Services, Supply Chain, Retail, Healthcare and Government. While traditional tech and crypto organizations are generally male dominated, women have embraced blockchain technology from its inception. This is no more evident than at companies where women occupy many of the blockchain roles and leadership positions. Join this panel to hear three women in blockchain share their experience and their POV on the futu...
10ZiG Technology is a leading provider of endpoints for a Virtual Desktop Infrastructure environment. Our fast and reliable hardware is VMware, Citrix and Microsoft ready and designed to handle all ranges of usage - from task-based to sophisticated CAD/CAM users. 10ZiG prides itself in being one of the only companies whose sole focus is in Thin Clients and Zero Clients for VDI. This focus allows us to provide a truly unique level of personal service and customization that is a rare find in th...
The vast majority of organizations today are in the earliest stages of AI initiatives and this shift will be dramatic as more enterprises move forward in the AI journey. Although companies are at different stages of this journey, most agree that finding or developing analytic talent is a key concern and bottleneck for doing more. What if your business could take advantage of the most advanced ML/AI models without the huge upfront time and investment inherent in building an internal ML/AI data sc...
Your applications have evolved, your computing needs are changing, and your servers have become more and more dense. But your data center hasn't changed so you can't get the benefits of cheaper, better, smaller, faster... until now. Colovore is Silicon Valley's premier provider of high-density colocation solutions that are a perfect fit for companies operating modern, high-performance hardware. No other Bay Area colo provider can match our density, operating efficiency, and ease of scalability.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Take advantage of autoscaling, and high availability for Kubernetes with no worry about infrastructure. Be the Rockstar and avoid all the hurdles of deploying Kubernetes. So Why not take Heat and automate the setup of your Kubernetes cluster? Why not give project owners a Heat Stack to deploy Kubernetes whenever they want to? Hoping to share how anyone can use Heat to deploy Kubernetes on OpenStack and customize to their liking. This is a tried and true method that I've used on my OpenSta...
Serverless Architecture is the new paradigm shift in cloud application development. It has potential to take the fundamental benefit of cloud platform leverage to another level. "Focus on your application code, not the infrastructure" All the leading cloud platform provide services to implement Serverless architecture : AWS Lambda, Azure Functions, Google Cloud Functions, IBM Openwhisk, Oracle Fn Project.
The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get tailored market studies; and more.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Cloud-Native thinking and Serverless Computing are now the norm in financial services, manufacturing, telco, healthcare, transportation, energy, media, entertainment, retail and other consumer industries, as well as the public sector. 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 no time to wait for long development cycles that pro...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...