We are partnering with GM Sectec, a global leader in cybersecurity, to bring Web Shield's state-of-the-art underwriting and monitoring solutions to the Latin American market.
In the wake of the COVID pandemic, electronic payments have been booming in Latin America. More and more people are opening bank accounts and using card payments, some of them for the first time. For acquiring banks, payment service providers and others, this means more merchants applying for payment card acceptance, as businesses are adapting to the shift in consumer behaviour.
Bad actors and dubious businesses are poised to take advantage of this trend. Payment institutions must take their gatekeeper role seriously and bar scammers, fraudsters, and money launderers from the payment ecosystem. To do so requires thorough underwriting at the onboarding stage and ongoing monitoring throughout the merchant lifecycle to ensure long-term compliance and profitability.
Web Shield's software-as-a-service solutions are built to empower underwriting and compliance teams with automated checks like intelligent content violation scans, online background research and advanced transaction laundering detection. Our system is constantly updated for compliance with Mastercard and Visa rules. This means clients can onboard merchants faster while still performing thorough customer due diligence.
In addition, we offer a specialised on-boarding solution for cryptocurrency merchants that gives clients access to legal opinions from reputable law firms around the world to comply with card scheme rules as well as an online education platform for underwriters and risk professionals.
"In a rapidly evolving global economy, businesses in the Americas have a critical need for cybersecurity tools to help protect their data. We are very pleased to consolidate this alliance with Web Shield, to work together and help organizations understand their true cyber risk, offering them effective and timely tools to strengthen their security”, said Héctor Guillermo Martínez, President GM Sectec.
"The pandemic has shown that fraudsters, scammers and other miscreants will use every opening to compromise the payment ecosystem, defrauding banks and consumers alike, " said Marc Bongers, CCO of Web Shield. "Acquiring banks and other payment institutions must be on top of their game when it comes to merchant underwriting and monitoring to ensure the safety of their customers and business. We are delighted to have an experienced partner like GM Sectec at our side to bring our solutions to the Latin American market, where e-commerce is a growing alternative."
About GM Sectec
GM Sectec offers innovative solutions and services in cybersecurity, governance, and compliance focused on managing digital risk. Its solutions are designed to detect advanced attacks and respond to them effectively, reducing business risk, fraud, and cybercrime.
Founded in 1970 as General Computer Corporation and later as GM Group in the1990s, GM Sectec has an extensive track record and experience in the management of policies and integrated processes of technologies and standards for data protection in payment system risk. Its commitment to the principles of simplicity, innovation and customer success has made them the leading and fastest growing provider of security and technology in Latin America and the Caribbean. GM Sectec has been selected as one of the "Hot 150 Cybersecurity Companies to watch in 2020" by Cybercrime Magazine. To learn more about GM Security Technologies, visit their website: www.gmsectec.com