ST. JULIANS, Malta, Oct. 15, 2013 /PRNewswire/ -- G2 Web Services, leading global provider of merchant risk management solutions, today announced the launch of G2 FraudFile. This fraud loss prevention solution for acquirers and payment providers identifies fraudulent and potentially fraudulent merchants at boarding and alerts participants of identified fraud on an ongoing basis. FraudFile provides a unique, global, and system-neutral location for acquirers to report fraud loss data and to protect against future fraud loss, particularly from bust-out merchants and rapidly growing fraud rings.
The G2 Web Services FraudFile solution has two main benefits. At boarding, FraudFile enables payment providers to quickly check the fraud history of prospective merchants. FraudFile also provides persistent protection by notifying users anytime new fraud is reported that has a connection to their merchants. Both services rely heavily on the G2 Merchant Map ®, an extensive merchant risk and fraud database that includes anonymous fraud loss data identified by G2 and reported by members of G2 FraudFile.
With global card fraud losses reaching $11.27 billion last year, according to the Nilson Report, fraud loss is a growing problem for the payments industry. G2 FraudFile allows participating members to quickly identify and persistently protect against merchant fraud. It is designed to reduce boarding and operational costs, and to significantly lower and even prevent fraud loss."G2 Web Services developed FraudFile to solve the problem of "siloed" fraud data, as the industry fraud knowledge is currently locked up in the databases of individual payment providers. With FraudFile, the industry is working together as a community to fight fraud. We are reducing fraudsters' opportunity to commit fraud and protecting the integrity of the payment system," said Ed Barton, President of G2 Web Services. "Now, when a merchant defrauds a bank, that data is immediately available globally so other acquirers can avoid and prevent fraud loss." G2 FraudFile is a centralized, secure fraud reporting database service that maintains the anonymity of all members. It is built to meet global privacy regulations, while allowing members to post and access information about fraudulent or criminal activity.