| GeoComply to offer expertise in location fraud detection as fraud rates soar amid pandemic July 7th, 2021, Vancouver, Canada: Payment fraud losses more than tripled in the last decade, a trend now fueled by the pandemic as consumer interactions with merchants moved rapidly to digital channels. To help the industry combat the serious and growing problem of digital fraud, GeoComply today announced it has joined the Merchant Risk Council (MRC). In addition, Elizabeth Cronan, GeoComply’s VP of Government Relations, has been elected to the MRC North American Advisory Board.The MRC is a global membership organization connecting eCommerce fraud and payments professionals through educational programs, online forums, career development, conferences, and networking events. As a member of the advisory board, Elizabeth joins senior fraud and payments professionals from Visa, Stripe, Google, Disney and other leading companies to guide the MRC toward its vision of safe and profitable eCommerce.“Fraudsters are adept at exploiting times of crisis, as we’ve seen by the new pandemic-related scams,” said Julie Fergerson, CEO of the Merchant Risk Council. “This past year has been exceptionally difficult for merchants and customers who were unprepared for the explosive growth in digital-only commerce. We are excited to have GeoComply join the MRC and have Elizabeth Cronan on our North American Advisory Board. Their significant experience and expertise in fraud detection and prevention will be a valuable contribution to our community.”As the world adjusts to a “new normal,” consumers show no sign of abandoning the digital habits they adopted during the pandemic. Fraudsters will continue their relentless attacks with both tried-and-true methods and increasingly sophisticated tactics. In a highly competitive marketplace, merchants cannot afford the high cost of fraud – including the loss of customers and damage to their brand.“With both the volume and cost of fraud on the rise, the ability to detect and prevent digital crime is of paramount importance for the entire payments industry,” said Elizabeth Cronan, VP of Government Relations at GeoComply. “While fraud takes many forms, fraudsters have one thing in common: they must evade detection by hiding their true location. It’s essential that merchants, merchant acquirers and payment service providers do everything they can to stop fraud, not only to protect their bottom line, but to foster digital trust throughout the eCommerce ecosystem.”GeoComply’s award-winning geolocation fraud detection solutions are used by some of the world’s largest and most trusted enterprises. GeoComply provides advanced location intelligence, including: hyper-accurate location detection, advanced location signals from users and devices, and the detection of sophisticated location-spoofing methods. Payment service providers can use these additional data signals to enhance their existing risk models and fraud management tools, reducing both fraud costs and false positives. Elizabeth Cronan added: “Location is a key piece of data to determine a user’s true identity – without location data, you can’t really say you know your customer. GeoComply helps organizations to mitigate fraud risks by detecting and stopping bad actors who spoof their location.” About GeoComply Solutions Inc. Founded in 2011, GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and help verify a user’s true digital identity. Our award-winning products are based on the technologies developed for the highly regulated and complex U.S. online gaming and sports betting market. Beyond iGaming, GeoComply provides geolocation fraud detection solutions for streaming video broadcasters and the online banking, payments and cryptocurrency industries, building an impressive list of global customers including Amazon Prime Video, BBC, Akamai, Sightline, DraftKings, FanDuel and MGM. The company’s software is installed on over 400 million devices worldwide and analyzes over 3 billion transactions a year, placing GeoComply in a unique position to identify and counter both current and newly emerging fraud threats.Proven and refined over 10 years of development, GeoComply’s solutions incorporate location, device and identity intelligence along with advanced machine learning to detect and flag fraudulent activity. By integrating GeoComply’s solutions into their processes and risk engines, organizations are able to identify fraud earlier in a user’s engagement, better establish their true digital identity and empower digital trust. For more information, please contact: press@geocomply.com About the Merchant Risk Council The MRC is an unbiased global community providing a platform for eCommerce fraud and payments professionals to come together and share information. As a non-profit 501(c)(6) organization, the MRC’s vision is to make commerce safe and profitable everywhere by offering proprietary education, training, and networking opportunities, as well as a welcoming forum for timely and relevant discussions. The MRC was launched in 2000, at the start of the eCommerce boom, by a small group of industry professionals from leading consumer brands, united by the goal of fighting against online fraud. Since its inception, the MRC has also added online payments to its portfolio, expanding its presence further into eCommerce, and continues to be at the forefront of industry evolution and the continued fight against fraud. The MRC is headquartered in Seattle, Washington, but embraces membership from across the globe. |
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- 22 July 2021
- Finance
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