PAYSTRAX selects VikingCloud’s Web Risk Monitoring to detect fraud

By Gloria Methri

VikingCloud, a global provider of cybersecurity and compliance solutions has announced a new client partnership for its Web Risk Monitoring solution with PAYSTRAX, a European payment processor and principal member of Visa and Mastercard.

PAYSTRAX selected VikingCloud for its patented and unique ability to swiftly detect illegal online sales and marketing activities across its European merchant portfolio.

With VikingCloud’s managed monitoring service, PAYSTRAX and other acquirers can ensure everything marketed and sold by their merchants complies with local laws, regulations, and card brand requirements. This includes MasterCard’s Business Risk Assessment and Mitigation (BRAM) and Visa’s Integrity Risk Program (VIRP). VikingCloud’s risk and compliance experts also keep acquirers updated on changing rules and regulations as part of the managed solution.

With Web Risk Monitoring, PAYSTRAX will be able to regularly scan each merchant’s website(s), identify illegal products, and discover merchants hiding illegal transactions in otherwise legitimate businesses. It will also detect web-based malware card skimming attacks, and find merchants that violate PAYSTRAX’s terms of service, all in real-time using VikingCloud’s custom dashboard.

This regular scanning process is designed to mitigate PAYSTRAX’s risk of incurring fines and increased fees associated with illegal marketing and sales practices across its European merchant client portfolio.

Jim Burke, Chief Executive Officer at VikingCloud, said, “The PAYSTRAX team has decades of experience in the financial transaction industry and is leading the way in Lithuania’s FinTech market – one of the fastest growing and most respected in Europe. Our unique Web Risk Monitoring tool provides PAYSTRAX with a quick and easy way to monitor and report on risks, providing valuable insights through a customizable and intuitive dashboard. We are confident that the tool will play a pivotal role in the company’s growth, and we are excited to be part of their journey.”

Jóhannes Ingi Kolbeinsson, Chief Executive Officer at PAYSTRAX, added, “We have seen first-hand why VikingCloud earned its reputation as the ‘go-to’ partner for payment processors with its Web Risk Monitoring tool that’s genuinely unrivalled. It offers the exact capabilities we needed and provides invaluable access to additional risk reduction expert solutions in the future.”