BELLEVUE, Wash., Oct. 25, 2016 /PRNewswire/ -- G2 Web Services was chosen as the jury winner in the Best Fraud Prevention category of the 2016 Florin Awards Asia. The four winners were announced two weeks ago at the Global Payment Summit in Singapore.
The Florin Awards are a prestigious title in the field of payments recognizing the best innovations and strongest solutions in the payments industry.
Transaction laundering occurs when seemingly legitimate merchants process credit card transactions for unknown, and often illicit, businesses. G2 provides the world's most widely-adopted transaction-laundering solution. G2 Transaction Laundering Detection (TLD) provides acquirers, PSPs, ISOs and payment facilitators with a multi-layered "defense in depth" approach to identifying violators in their merchant portfolios. G2 uses advanced technology and expert analysts to monitor merchants and confirm fraud when it occurs. Built utilizing over a decade of merchant risk data, sophisticated monitoring capabilities and expertise, G2 TLD is the only multifaceted approach to identifying a pernicious fraud problem.
"G2 is honored to be recognized by the jury of the Florin Awards Asia," said Allison Guidette, G2's CEO. "Transaction laundering is a global problem and G2 is proud to be of service to clients in Asia and elsewhere in the world as they seek to protect their portfolios from laundering fraudsters."
Transaction laundering is playing a more prominent role in Asian credit card fraud. Card fraud now costs Asian financial institutions an estimated $420 million each year, and losses are growing at an annual rate of 20-25%. With e-commerce sales in the Asia-Pacific region expected to reach $525 billion by 2017, scrutiny from governing bodies and regulators is intensifying.
"The Best Fraud Prevention Innovation Award goes to the innovation that looks to shake up the payments industry in terms of fraud prevention," said Chairman of the Global Payment Summit, Harry Smorenberg. "G2 Web Services exemplifies this through their continuous commitment to innovation and steadfast efforts to reduce fraud in the payments industry."
About G2 Web Services
G2 Web Services is a global information company using technology and analyst expertise to help banks, processors and their partners ensure safer and more profitable commerce. Clients representing over half of merchant outlets globally use G2's solutions to identify bad actors and keep them out of the payments system. Banks, processors and their partners use G2's data, 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 helps clients confidently handle known and unknown threats and manage changing rules and regulations.
G2 Web Services is headquartered in the US in Bellevue, WA.
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SOURCE G2 Web Services