G2 Risk Solutions (G2RS) has recently announced a strategic partnership with financial services giant Mastercard.
This collaboration is designed to furnish merchant acquirers with a more streamlined and effective method to mitigate transaction fraud, a significant concern within the financial sector.
The partnership is primarily motivated by the escalating challenge of transaction laundering (TL), a sophisticated type of fraud wherein legitimate merchant accounts are exploited to process sales of illicit goods and services. This malpractice not only exposes payment providers to severe financial and reputational damages but also undermines the integrity of the financial system.
G2RS brings to the table its unparalleled merchant risk solution, underpinned by Mastercard’s cutting-edge Brighterion Artificial Intelligence (AI) technology. This integration aims to revolutionize transaction laundering detection by offering transaction-level fraud screening and merchant risk scores, alongside the G2RS Merchant Map®. The Merchant Map is distinguished by its inclusion of two decades’ worth of unique merchant data, encapsulating billions of data points curated and validated by seasoned analysts, establishing it as the industry’s leading database for identifying known launderers.
By combining Mastercard’s AI-driven fraud scores with G2RS’s robust merchant risk solution suite, this partnership introduces an unprecedented comprehensive view of merchant activity. This innovation not only enhances the detection of transaction laundering but also streamlines the workflow of payments providers, making the entire process more efficient.
Additionally, the collaboration between G2RS and Mastercard signifies a pivotal advancement in securing the payments ecosystem. It leverages the synergy of cutting-edge AI capabilities and deep industry insights to offer a fortified defense against the evolving landscape of payments risk.
“Payments risk evolves rapidly, and it demands bolder moves to counter bad actors. By aligning the industry’s data insights, we are equipping the payments industry with much stronger and more comprehensive defenses to identify merchant health signals and protect the integrity of the payments ecosystem,” G2RS President Rochelle Blease commented on the partnership’s objectives and benefits.
Echoing this sentiment, Rohit Chauhan, EVP at Mastercard Cyber and Intelligence, highlighted the significance of the collaboration: “At Mastercard we’re providing world-leading AI capabilities offering a streamlined experience that protects customers from fraud. Through this partnership with G2RS, acquirers will benefit from additional intelligence to help them reduce transaction fraud. It is yet another step in our journey to secure the payments ecosystem and instill trust in every interaction.”
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
