By: Austin Denson, Marketing Coordinator
The G2 team started 2017 off with a bang, well with four bangs actually. In the past few months, our team has traveled around the globe, sharing our voice on risk and compliance issues in Frankfurt, London, Los Angeles and Moscow. And, it wasn’t easy. Our team successfully overcame language barriers, logistical issues and hours of travelling to connect with the global payments community.
The G2 team would like to thank all our attendees who shared their knowledge and experiences. Your feedback, questions and insights help us make our solutions better. That intel helps better our chances in the fight against transaction laundering that continues to penetrate our payments system.
We’d also like to thank our sponsors for their generous contributions in support of the 2017 G2 Risk Summit Series. We were thrilled to have Allied Wallet, T1 Payments, Aperia and Zoot along for the journey.
Some major themes to come out of the events this year were around the power of our community and power of data. Below are some highlights.
To win strategically, we must think strategically
Transaction laundering is still the most prominent problem facing the global payments community today. To fully understand the problem, we need to analyze the ecosystem in which it exists and how it operates. This is the basis for a sound strategy. With the results of the analysis in our hands the next step is to identify leverage. Criminals are seeking profit and online fraud is spreading rapidly. Take it upon yourself, not to be the path of least resistance for launderers and start pushing them out of our community now.
In data, we trust
One of our strongest tools in the fight against transaction laundering, crime syndicates and other forms of fraud is data. In fraud, past is prologue – violators aren’t permanently shut down, they reincarnate. However, violators think and act differently, operate in unusual networks or otherwise leave subtle clues that can be detected with the right data and science. G2 has the most powerful merchant risk data in the industry thanks to The G2 Merchant Map™, which contains 60 million URLs and billions of data points. Every time a URL is submitted it contributes to this exponential power of this network.
Alone we can do so little, together we can do so much
In order to shine the brightest light in the darkest corners of the payments ecosystem we need to continue to leverage the power of our community. At G2 we follow the same strategic approach to reduce the profitability of laundering for any G2 client, pushing the criminal activity off our collective networks. When we help take down a transaction launderer, this impacts the community as a whole. Once bad actors are identified, others within the community now know what to look for and can deny the actions of these fraudsters. With each new member to the program we all gain in our ability to fight laundering.
While the 2017 G2 Risk Summit Series has come to an end, that doesn’t mean you won’t be seeing the G2 team. Our team looks forward to seeing you at upcoming events such as ETA Transact, the MasterCard Global events, Money 20/20 and more.The only question that remains, is where should we host the G2 Risk Summit Series in 2018?
The best loved session at the Summits this year was the interactive game: Fraud Finder, The Game of Transaction Laundering Detection. We’ve created an online version you can download and share with your team. Play it now.
For more information on combating the growing threat of transaction laundering, please visit our resource library page where you will find a variety of case studies, webinars and infographics.