COPENHAGEN, Denmark and TEL AVIV, Israel, April 6, 2016 /PRNewswire/ --
EverCompliant, the pioneer of Transaction Laundering Detection and Prevention, introduces a new capability to its MerchantView platform detecting transaction laundering for mobile applications. EverCompliant now provides acquirers, payment service providers, payment facilitators and marketplaces with the ability to detect hidden mobile apps and fraudulent mobile payments being processed through legitimate merchant accounts.
With mobile payments expected to top $800 billion by 2019 , comes the increase of fraudulent transactions, specifically the migration of transaction laundering to mobile. Fraudsters are now starting to use mobile apps to process payments for illicit purposes through legitimate merchant accounts, making it almost impossible for the payment industry to detect. When fraudulent transactions go undetected, banks can end up paying heavy fines, face legal actions and damage their overall reputation.
Using state of the art cyber risk intelligence techniques, EverCompliant can detect and prevent transaction laundering activities from entering the payment ecosystem. The system reveals related and unreported mobile applications, URLs, payment environments and provides the tools to manage risk on an ongoing basis.
"With the migration to mobile we are currently witnessing around the world, we expect mobile ecommerce apps to become a prime target for fraud, resulting in millions of dollars of loss and associated costs for payment industry players," said EverCompliant CEO Ron Teicher. "As the pioneers of Transaction Laundering detection and prevention, EverCompliant is closely monitoring the evolution of merchant based fraud techniques and developing a unique technology to help our partners stay ahead of the curve."
On April 6, EverCompliant will be announcing transaction laundering detection for mobile apps at 4pm in Track Room 5.
EverCompliant is a leading provider of Cyber Risk Intelligence and Merchant Fraud Detection. Our focus is to detect and prevent transaction and money launderers, hidden transaction tunnels and merchant fraud from entering the e-commerce ecosystem. Our innovative AI and cyber intelligence proprietary technologies allow our clients to manage their merchant risk by gathering extensive risk management information that allows them to reach a conclusive business decision regarding each of their merchants. EverCompliant is headquartered in Tel Aviv, Israel with offices in New York City. Learn more at: http://www.evercompliant.com
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