VikingCloud, a cybersecurity and compliance solutions provider, has formed a strategic client partnership with PAYSTRAX, a European payment processor and principal member of Visa and Mastercard.
The collaboration aims to enhance PAYSTRAX’s Web Risk Monitoring solution.
As global merchant fraud continues to escalate, reaching an estimated $41 billion in losses in 2023, Europe faces a significant threat with nearly $12 billion at stake. ACFE research reveals a surge in fraud by vendors and sellers, climbing up to 69% annually. Cyber fraud and social engineering are also major concerns contributing to the risk.
In response to the growing trend of fraud risk, PAYSTRAX has chosen VikingCloud’s patented technology to swiftly detect illegal online sales and marketing activities across its European merchant portfolio. The solution aims to combat the increasing post-pandemic surge in e-commerce fraud.
VikingCloud CEO Jim Burke 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 customisable and intuitive dashboard. We’re confident that the tool will play a pivotal role in the company’s growth and we are excited to being part of their journey.”
Through VikingCloud’s managed monitoring service, PAYSTRAX and other acquirers can now ensure compliance with local laws, regulations, and card brand requirements, including MasterCard’s BRAM and Visa’s VIRP.
VikingCloud’s risk and compliance experts offer real-time monitoring and updates on changing rules and regulations to minimise fines and increased fees associated with illegal marketing and sales practices across their European merchant client base.
PAYSTRAX CEO Jóhannes Ingi Kolbeinsson said: “As soon as we identified the need for a global solution to detect non-compliance issues promptly and prevent them going forward, there was no question about who our partner should be.
“We’ve 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.”
