EverC: Eliminating Fraudulent Online Transactions

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Today, governments worldwide have passed laws to prevent anonymous banking services and illegal money transfers/payments—often used to finance crime and terrorism. However, transaction laundering—the digital evolution of traditional money laundering—utilizes the anonymity of online payment services to avoid anti-money laundering safeguards, has yet to be effectively addressed. This advanced, merchant-based fraud scheme takes advantage of online payment ecosystems by funnelling illegitimate e-commerce transactions through legitimate merchant accounts. Due to the rising volume of e-commerce transactions, the payment ecosystem is being quickly pervaded by transaction laundering; traditional prevention measures and transaction monitoring processes need to keep up. A pioneer in electronic money laundering detection and prevention, EverC (formerly EverCompliant) provides tools that help detect and eliminate fraudulent transactions processed through legitimate merchants for illicit purposes. “We protect our clients from hefty fines, chargebacks, and reputational damage caused by unknowingly facilitating money laundering and other criminal activity,” explains Ron Teicher, a Co-Founder and CEO of EverC.

The company’s flagship product, MerchantView, is a SaaS solution that offers payment processors, acquiring banks, payment facilitators, and online marketplaces the visibility into their entire payment ecosystem, with the flexibility to tailor their merchant risk profiles to ensure only legitimate transactions are processed. At its core, MerchantView leverages artificial intelligence and advanced machine learning to sift through the endless amount of data available online. Typically, the known merchant is investigated to make a risk assessment and evaluation; a manual process which lacked the resources to investigate other related sites. Related merchants, or the ‘unknown ecosystem’, represent a significant liability and exposure, one which, prior to EverC’s technology, was visible largely through educated guesswork and trial and error.

The solution is seamlessly implemented and be up and running in almost no time. Teicher says that clients receive assessment results regarding the origin of payment transactions. MerchantView serves clients throughout a merchant’s lifecycle—from signup, underwriting, onboarding to continuous monitoring. The solution can also review whether or not items being sold are against the use policy of its clients or are violating intellectual property rights.


We protect our clients from hefty fines, chargebacks, and reputational damage caused by unknowingly facilitating money laundering and other criminal activity

Additionally, through years of research and development into anti-money laundering, EverC can draw conclusions from payment data and identify instances where criminal activity is hidden under the guise of legitimate merchants.

EverC’s clients’ roster includes some of the largest financial institutions across the globe, who collectively monitor millions of merchants through their online platforms. For several clients, EverC was able to identify merchants that had a connection to criminal activity associated with the Wirecard scandal—the electronic payment services provider could not confirm whether balances worth €1.9 billion existed and was unable to trace vast sums of advances to merchants. With EverC’s help, the clients reviewed their portfolio and block merchants that were part of the elaborate and sophisticated fraud involving multiple parties around the world.

Online payments are thriving, especially during the current COVID-19 pandemic, however so has online fraud and payment related crime. Despite these challenges, EverC provides innovative solutions that reduce the risk associated with accepting payments online and awareness to the public on the significance of transaction laundering. The company has been on a mission to eradicate crime funded by misappropriated online payment funds since its inception in 2016. Moving forward, the company intends to expand its reach while continuing to enhance its capabilities, making it harder for criminals to exploit the internet. The company continually strives to provide the most advanced tools to combat the elusive criminals committing transaction laundering.

Company
EverC

Headquarters
New York, NY

Management
Ron Teicher, Founder and CEO

Description
EverC provides tools that help detect and eliminate fraudulent transactions processed through legitimate merchants for illicit purposes. EverC protects clients from hefty fines, chargebacks, and reputational damage caused by unknowingly facilitating money laundering and other criminal activity. The company’s flagship product, MerchantView, is a SaaS solution that offers payment processors, acquiring banks, payment facilitators, and online marketplaces the visibility into their entire payment ecosystem, with the flexibility to tailor their merchant risk profiles to ensure only legitimate transactions are processed. At its core, MerchantView leverages artificial intelligence and advanced machine learning to sift through the endless amount of data available online