27 Feb
09 Jun
10 Mar
21 Jan

The Power of Connections

The digital payments ecosystem is a complex, interconnected and ever-changing network that is exploited by criminals but can also be leveraged by risk professionals to defeat them. Merchant fraud is…

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08 Dec

Common Gaps in BSA/AML Programs Today

At last month’s American Banker’s Association Money Laundering Enforcement Conference in Washington, DC, I attended a session where a representative from the OCC discussed the most common gaps in financial institutions’ BSA/AML programs that led to

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22 Oct
20 Oct

What the Recent Spike in Consent Orders Means for Your ACH Business

Today’s regulatory environment is uncertain and difficult to navigate. The risk factors for ACH/Check Processing are unique compared to those for credit card processing. As such, it is important to understand those differences and how to best manage your portfolio risk with thorough due diligence and ongoing monitoring. Additionally, banks are facing…

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17 Mar

Best Practices for Managing Your Merchant and TPPP Portfolio

Operation Choke Point has produced a spike in activity, with last week yielding two major settlements totaling over $6 million after a year of relative calm. As a result, G2 is reprising our 10 Steps guide for avoiding the unlawful activity that got the two defendant banks in trouble.

Recent headlines from CommerceWest Bank and Plaza Bank continue to underscore the need for a strong due diligence process when managing relationships with merchants and TPPPs. Although both cases involve complicity in fraud, they do highlight the consequences of being involved with such acts as well as how to avoid suspicions of impropriety. In the case of CommerceWest Bank, the pleading outlines several steps to ensure the bank is not abetting consumer fraud by taking precautions when working with payment processor customers including…

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29 Sep

No Prohibited Business Types, No Problem

 

At the IAFCI conference in Phoenix, Rayleen Pirniv (EPCOR) and Jeanette Fox (NACHA) stated a main difference between credit card networks and the ACH:

“Unlike Credit Card processors, the ACH has no prohibited business types.”

What exactly does that mean for you?
Like a pebble in a pond, the ripple effect of a bad third party can always be traced back to the source.

Every year, over 18 billion transactions representing $40 trillion in volume, flow through the ACH network. This is far more than the card networks – and with the mandatory EMV adoption in 2015 – we expect to see even more fraudsters transition their activities from credit card to the ACH network. With the proper due diligence and monitoring, much of this fraud can be prevented.

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11 Sep

Old Fraud, New Tricks

Using FraudFile – G2’s innovative fraud prevention tool for boarding and due diligence – a G2 Web Services client identified 54 merchants who had previously been terminated for fraudulent activity, were operating additional active accounts in their portfolio.

These 54 merchants represented more than $1 million dollars in previous fraud loss.

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