Ron Teicher

Even as regulations are getting tougher, criminals are getting more sophisticated and creative, writes Ron Teicher, CEO of EverCompliant.

Businesses without the substantial resources of a Danske Bank are sitting ducks for even more esoteric scams, like transaction laundering, writes Ron Teicher, CEO of EverCompliant.

Since addresses are recorded in the blockchain, it is possible to trace each transaction where the address was used, which aids in AML, according to Ron Teicher, CEO of EverCompliant.

When regulators recognize ICOs as securities offerings, they will likely require issuers to fully comply with standard Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, increasing compliance pressure, according to Ron Teicher, CEO of EverCompliant.

By taking advantage of the peak sales periods with higher-than-usual transaction volumes such as Valentine’s Day, criminals can use legitimate payment and shipping platforms without raising fraud alerts, writes Ron Teicher, CEO of EverCompliant.

With the holidays fast approaching, the attention of watchdogs, regulators, merchant acquirers and processors needs to be on both the bottom line and the more sophisticated forms of online fraud like transaction laundering, writes Ron Teicher, CEO and founder of EverCompliant.

Neither the acquirer processing the payment, nor relevant regulatory bodies ever know that these payments are actually for illicit goods, making transaction laundering particularly dangerous and far-reaching, writes Ron Teicher, CEO of EverCompliant.

Until FinCEN decides to explicitly regulate transaction laundering, we will not see an organized effort at the state level, writes Ron Teicher, CEO of EverCompliant.

Transaction laundering is gaining steam, and since it uses familiar payment technology, it can be easier to use than virtual currency, writes Ron Teicher of EverCompliant.

The traditonal method of scoring merchants based on risk may not work when the attack uses low risk merchants to hide illegal transactions.

Crooks are getting more clever when hacking e-commerce sites to hide illegal activity, requiring banks and processors to developer a broader picture of merchants and payment activity.

As one of the world’s largest e-commerce platforms, it’s natural that fraudsters would be tempted to game the Amazon system. If it could happen to an e-commerce giant like Amazon, what hope does a smaller e-commerce site have against the fraudsters who run even sneakier scams - like transaction laundering?

Transaction laundering is an increasingly popular scam, in which cyber-criminals hijack the legitimate payment process to sell all manner of illicit goods and services online.