Business News

ConnectPay pumps in more investment to battle online frauds

In this current annual year, ConnectPay has finally decided to pump in an additional $8,32,874 in a range of solutions for AML (Anti Money Laundering), fraud, theft, and Counter Financing of Terrorism.

The versatile banking solution and service provider states that trading securities and currency is of utmost importance to high risk-bearing sectors like casinos & gambling. They further mentioned that the industries have faced over $2.1 trillion yearly in financial theft and fraud, as a result, ConnectPay expects to expand amidst the COVID-19 Pandemic.

ConnectPay’s Head of BD (Business Development), Liutauras Varanavičius stated that “The growth in gambling activities explain the massive surge in payment transactions.”

He further added,” While comparing stats of January to April we realized that there was a 30% hike in gambling transactions. Although it’s difficult to foresee the after-effects of the pandemic, it is necessary to take into consideration the establishment of high secure payment systems and not leave it unaddressed.”

ConnectPay has always been inclined towards investing in new and advanced anti-fraud solutions. The AML tech-solution along with other innovative tools have protected users and kept fraudsters far away. The crucial war against online theft is to aid businesses in small sectors to maintain the image and lower the risks involved in gambling activities.

Varanavičius firmly believes that the increase in gambling transactions online has exposed people to digital fraud, and well-informed that it is a huge challenge for providers to safeguard themselves from scammers and at the same time remain reliable while retaining their target audience.

“The hike in online frauds could majorly damage the sector more than others. It is already under the radar due to the nature of acquired revenue, thus any association with financial fraud could be leveraged as a pretext to revoke acquired licenses and restrict business”, he further stated.

Varanavičius emphasized over the stern process of ConnectPay in raising additional funds (€ 750,000), to prevent accepting clients involved in fraudulent business activities.