BELLEVUE, Wash., April 24, 2019 - G2 has launched a new service, G2 Pharma360TM, to better protect merchant acquirers, payment processors, and pharmaceutical merchants from card-brand assessments and the legal risk that comes with onboarding pharmaceutical merchants. G2, a Verisk (Nasdaq:VRSK) business and division of Verisk Financial, is a leading global provider of merchant risk management solutions.
According to G2 research, two-thirds of card-brand assessments in 2018 were associated with illegal drugs and pharmaceutical sales. G2 Pharma360 provides custom risk mitigation with due diligence, compliance, and fraud protection for members of the payments value chain. The tool will give payments companies the ability to monitor their current pharmaceutical-based merchants and build out their existing client portfolio.
"While the Internet is convenient for those buying medical products, pharmaceuticals sold online can deceive both consumers and payment processors," said Dan Frechtling, president of G2. "Sixty-two percent of medicines sold online are fake or substandard. Further, abiding by the many regulations related to licensing, shipping, and ingredient lists poses an often-unknown risk for payments companies."
Eighty-eight percent of people who have purchased prescription drugs online did not discuss it with their healthcare provider, according to John Hertig, Pharm.D., M.S., CPPS, an associate professor of Butler University College of Pharmacy and Health Sciences who presented at G2's Risk Summit in London. Yet every day, approximately 20 new illegal online pharmacy websites go live globally.
G2 Pharma360 will provide each client with enhanced merchant and reputation monitoring, test transactions, comprehensive result reporting, a known-launderer check, and a G2 Compass score. The service can help clients expand their pharmaceutical portfolios while reducing the risk of engaging with illegal merchants.
For more information about G2 Pharma360, please visit https://www.g2llc.com/solutions-monitoring-solutions-pharma360/ or e-mail info@g2llc.com.
About G2
Verisk Financial | G2, a Verisk (Nasdaq:VRSK) business, has been the world leader in merchant onboarding and monitoring since 2004. Every 30 seconds, clients using G2 discover suspicious activity, such as fraud, illegal medicines, illicit drugs, counterfeit, transaction laundering, and other violations. G2 clients leverage the most complete merchant risk data ever compiled for greater protection and productivity for their businesses. Risk professionals gain insights, refined by machine learning and expert analysts, along with unparalleled client service-all at enterprise scale. To learn more, visit www.g2llc.com.
Contact:
Georisa Chang
Senior Marketing Manager
Verisk Financial | G2
425-749-4040 x 237