Tue, Oct 15 2024
The financial services major Mastercard and G2 Risk Solutions (G2RS) have just formed a strategic alliance.
The purpose of this partnership is to provide merchant acquirers with an easier-to-use and more efficient way to reduce transaction fraud—a major issue that affects the financial industry.
The primary driving force behind the alliance is the growing problem of transaction laundering (TL), a sophisticated kind of fraud in which sales of illegal products and services are processed through the use of authorized merchant accounts. This misconduct jeopardizes the integrity of the financial system in addition to placing payment providers at risk of serious financial and reputational harm.
G2RS presents its unique merchant risk solution, powered by Brighterion Artificial Intelligence (AI) from Mastercard, a state-of-the-art technology. With the use of the G2RS Merchant Map® and transaction-level fraud screening and merchant risk scores, this integration seeks to transform the identification of transaction laundering. The Merchant Map is the industry's most comprehensive database for locating known money launderers since it includes two decades' worth of unique merchant data, containing billions of data points that have been carefully selected and verified by seasoned analysts.
This cooperation offers an unprecedented complete view of merchant behavior by fusing G2RS's extensive merchant risk solution portfolio with Mastercard's AI-driven fraud scores. This innovation makes the process more efficient overall by streamlining the payments providers' processing and improving the identification of transaction laundering.
Furthermore, the partnership between G2RS and Mastercard represents a significant step forward in safeguarding the payments ecosystem. It uses the confluence of state-of-the-art AI capabilities and in-depth knowledge of the industry to provide a strong defense against the changing payments risk environment.
"Payments risk is evolving quickly, necessitating more daring actions to combat unscrupulous actors. G2RS President Rochelle Blease discussed the goals and advantages of the partnership. "By aligning the industry's data insights, we are equipping the payments industry with much stronger and more comprehensive defenses to identify merchant health signals and protect the integrity of the payments ecosystem," Blease said.
EVP of Mastercard Cyber and Intelligence Rohit Chauhan echoed this attitude when he emphasized the importance of the partnership, saying, "At Mastercard, we're providing world-leading AI capabilities offering a streamlined experience that protects customers from fraud." Acquirers will gain access to more information through this collaboration with G2RS, which will aid in the reduction of transaction fraud. This represents a further development in our effort to safeguard the payments ecosystem and foster confidence in all dealings.
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