Transaction laundering is a real threat to the modern payment industry, with fraudsters taking full advantage of payment ecosystems by funneling transactions through legitimate emerchant accounts. Transaction laundering is money laundering for the digital age and works based on the same principle of obscuring the true origins of funds and/or transactions. EverCompliant's research identifies close to two million unregistered merchants in the U.S. alone, demonstrating that merchant-based fraud is a huge problem for the payment industry since they are often unaware of it until it's too late.
"As ecommerce has evolved, money laundering has morphed into a new digital form. This online epidemic is spreading faster, and is much more accessible and harder to detect. Most concerning is that transaction laundering is occurring right under the noses of regulators worldwide," said Ron Teicher, CEO of EverCompliant. "The vote of confidence that Arbor Ventures and our other partners have shown will allow us to carry out our vision. Together, we can identify and stop criminals from financing their criminal activity by laundering money in the digital realm."
As the only cyber intelligence solution on the market designed to detect and prevent transaction laundering, EverCompliant has built on its success in major banks in Europe, Asia, and North America to help battle merchant-based online fraud worldwide. Additionally, its MerchantView™ SaaS solution marked a milestone by being the first and only solution to detect content and transaction laundering on mobile apps.
"As pioneers in the transaction laundering detection and prevention space, we can already see the effectiveness of EverCompliant's approach and we are excited to be partnering with them to bring their technology to a wider market," said Melissa Guzy, Managing Partner at Arbor Ventures. "The talented team at EverCompliant continues to develop technology that is protecting some of the world's largest financial institutions across the globe from association with illicit and brand damaging activities, ultimately saving them a significant amount of money and harm to their reputation."
EverCompliant is the pioneer and industry leader in transaction laundering detection and prevention. The company's flagship product, MerchantView™, is the first and only dedicated solution on the market designed from its core to detect and prevent transaction laundering. MerchantView applies proprietary cyber intelligence technology to identify unknown and hidden merchants funneling transactions through seemingly legitimate storefront websites. Its accuracy, transparency, and ability to uncover hidden ecommerce networks and merchants sets it apart from other competing platforms. EverCompliant's technology has been adopted by large-scale financial institutions and payment service providers in Asia, Europe, U.S. and the Middle East, and is an approved MasterCard MMSP. EverCompliant is headquartered in Tel Aviv, Israel with offices in New York City. Learn more at: http://www.evercompliant.com