Conformance Fights Transaction Laundering, Celebrity Endorsement Fraud & False Merchants
RENO, Nev., Aug. 29, 2017 — (Business Wire) — Conformance Technologies®, a fast-growing provider of technology solutions, education and expertise used to manage business compliance requirements, today announced new automated transaction laundering, fake celebrity endorsement fraud and false front merchant detection enhancements to its InConRadar® offering. The patent pending Conformance Compliance Operating System® facilitated rapid development and deployment of the new capabilities, helping merchant acquirers and independent sales organizations (ISOs) meet global card brand merchant risk standards, while avoiding non-compliance assessments.
“We are an early adopter of InConRadar and it’s been very effective in reducing our risk profile, while increasing efficiency in dealing with risk and underwriting issues that crop up,” said Deborah Brown, executive vice president and chief operating officer for TriSource Solutions. “With InConRadar, we’re scanning our merchant portfolio dozens of times daily to uncover potential violations requiring further investigation,” added Brown. “InConRadar has proven to be quick, easy and a real time-saver for our organization, and these new enhancements are very advantageous to us.”
Honored with the Electronic Transactions Association’s (ETA) PayPal Tech Innovation Award for risk product of the year, InConRadar is a continuous merchant website and risk factor monitoring service. Suspicious commercial activities, plus potential image damaging circumstances and business practices, are identified and presented in a consolidated format so that risk managers can investigate and take appropriate action. Scanning merchant websites dozens of times daily, InConRadar can be used to streamline and enhance Know Your Customer (KYC) due diligence by learning more about merchants’ digital environments before onboarding and connecting to the payments system, as well as regularly thereafter.
“Acquirers and ISOs are frequently frustrated with these blatant forms of merchant fraud because they are difficult to investigate on an ongoing basis,” said Darrel Anderson, president of Conformance Technologies. “We communicate regularly with the card brands who encouraged us to come up with a solution to effectively address these hot fraud trends,” added Anderson. “With the Conformance Compliance Operating System, we are able to quickly enhance InConRadar with functionality that addresses fast-changing card brand demands on merchant due diligence processes.”
Transaction laundering, also known as factoring, consists of processing fraudulent payment transactions on behalf of other merchants, commonly with stolen credit card numbers. Another form of transaction laundering is when legitimate merchants process contractually prohibited business transactions in addition to their own valid transactions.
False front merchants are entities who hide the true nature of their businesses and sales of card brand prohibited goods and services. These companies do not actually engage in selling what they claim during the merchant underwriting process, and usually are involved in illicit, illegal endeavors.
A popular new merchant fraud trend is falsely claiming celebrity endorsements, when stars never actually authorize the advertising statements. Fake endorsements fall under card brand deceptive business practice rules, which require banks to review merchant intentions during underwriting and periodically thereafter to ensure no dishonest or misleading sales and marketing practices are employed.
To learn more about how InConRadar and other Conformance Technologies products and services can help you and your portfolio of merchant customers, please telephone 775.336.5533 or email firstname.lastname@example.org.
About Conformance Technologies
Conformance Technologies is a fast-growing provider of technology solutions, education and expertise used in managing business compliance requirements. More than 300,000 small and midsize business end-users rely on Conformance Technologies’ solutions to protect their businesses every day, both domestically and in 19 countries around the world. Privately held and headquartered in Reno, Nevada, Conformance Technologies evolved from a payments consultancy and PCI compliance firm originally established in 2003. Today, the company has become a leading provider of automated compliance and sensitive data protection systems and services and is a PCI Security Standards Council Qualified Security Assessor (QSA) organization. For more information, please visit conformancetech.com.
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