ControlScan, a security, compliance and risk management partner to hundreds of merchant service providers representing millions of small and mid-sized businesses (SMBs), announces that its strategic partner EverCompliant has secured $3.5 million in funding. The new round of funding ensures that the SiteWatch merchant risk monitoring service, which is powered by EverCompliant and offered by ControlScan, the exclusive partner in the United States and Canada, remains the leading technology solution for exposing nefarious e-commerce activity, including transaction laundering.
Merchant service providers (MSPs) rely on SiteWatch to expose e-commerce businesses that are operating one or more undisclosed websites. These associated websites often house high-risk content and can also be a hotbed of transaction laundering activity. Transaction laundering is the act of funneling payment transactions from an undisclosed website to the MSP’s known customer’s site, many times in order to mask prohibited, brand damaging online sales of illegal pharmaceuticals, counterfeit products, illicit pornography, unlicensed gambling, and other unlawful and/or problematic activity.
“This new round of funding shows that investors see a real market, a real problem and a real solution being offered by EverCompliant,” said Joan Herbig, CEO of ControlScan. “Theirs is an innovative solution, and we’re glad to be advancing that solution in North America.”
“Fraud is constantly evolving and the current controls and solutions used to mitigate merchant risk are no longer effective at detecting new and sophisticated merchant fraud activity,” said Ron Teicher, CEO of EverCompliant, in the company’s news release. “This investment allows us to continue to deliver leading technology and service to our customers and help them stay ahead of the fraudsters while expanding globally.”
In March 2015, ControlScan announced general availability of SiteWatch v2.0. The 2.0 release features cyber-intelligence enhancements, an all-new risk-scoring system, a full-featured integration suite and more. Complete information on the SiteWatch merchant risk monitoring solution can be found at ControlScan.com/SiteWatch.
ControlScan protects small and mid-sized businesses with enterprise-grade security tools and compliance services that keep them steps ahead of the cyber criminal. Retailers, restaurants, healthcare organizations and others rely on our cloud-based managed security services, threat management technologies, security testing, and ongoing programs for PCI DSS, HIPAA and EI3PA compliance. Merchant service providers and web hosting companies also partner with us to reduce business risk and retain more customers. Based in Atlanta, ControlScan is venture backed, with 1,000,000+ customers and 150+ partnerships worldwide. For more information, please visit ControlScan.com or call 800-825-3301.
EverCompliant is a leading provider of cyber intelligence that allows acquiring banks and payment service providers (PSPs) to manage merchant-based fraud and cyber risk. Our focus is to provide a range of solutions that give acquirers and PSPs the necessary relevant information to check ongoing and newly boarded merchants, while guiding them through the process of managing online risk, detecting transaction launderers, hidden transaction tunnels and fraud detection. To learn more, visit us at EverCompliant.com.