Source: Vogogo Inc.
Cryptocurrency payment processing and fraud mitigation specialist Vogogo Inc. (TSX VENTURE:VGO) today announced that, following high demand, they will be offering their fraud and risk mitigation services as a stand alone service.
To promote the offering Vogogo will provide the services to crypto based businesses, worldwide, with no cost for integration.
The demand and offering is in response to the broader challenges that have affected the cryptocurrency industry recently. Over the last month a combination of exchanges being compromised and third party processors being hacked has created a flurry of fraud in the industry.
Effective mitigation against the high level of sophistication of those looking to commit fraud in the crypto space requires software and processes that are comprehensive, robust and have successfully processed large volumes of high-risk payment transactions. We believe Vogogo's fraud and risk mitigation services prevent security breaches and theft attempts by verifying and validating every individual or business involved in a transaction - as well as validating and verifying each individual transaction itself - before processing. Vogogo's services have been specifically designed and engineered to combat sophisticated attempts at fraud on crypto-based companies.
Vogogo CEO Geoff Gordon said of the decision Vogogo has made to combat the situation, "The crypto industry, as it starts to mature, is going to experience sophisticated fraud just like conventional industries do. This recent event is a major example of that. It is disappointing, as any attempted fraud which acts to harm the cryptocurrency industry is an attack on all of us that work so hard within the industry. It's also frustrating as we believe these types of sophisticated fraud events can be effectively prevented with the right systems in place. Therefore, we have elected to open up our fraud and risk mitigation services to crypto-based businesses, worldwide, free of cost."
Vogogo CRO Rodney Thompson also comments on the decision Vogogo has made to combat industry fraud, "We are making this offer not only to help better protect the broader crypto industry from sophisticated fraud going forward, but to also help educate more of the individual industry players on how to effectively manage overall fraud and risk."
Vogogo works with numerous leading cryptocurrency exchanges with recent integrations including, CoinTrader, ANXPro, Rock Trading, QuadrigaCX and BitMEX.
Vogogo's offer allows any crypto-based business a full integration with their fraud and risk mitigation services and use of the platform for a period of three months at no cost and with no future obligation.