Fraud Prevention Platform
What is a Fraud Prevention Platform?
Fraud Prevention Platform helps to prevent financial fraud that leads to losses, undermine customer credibility and weakens the potential of important business innovations.
These systems may be useful for companies that want to minimize the level of external and internal fraud. It becomes possible thanks to reducing the time to serve customers and increasing their loyalty. Reduced service time and increased loyalty help to avoid fines, to minimize fraud and thereby to reduce financial and reputational risks.
With fraud prevention platforms, companies can add biometric data to access applications and transactions when special authentication is required to prevent fraud.
An example of the parameters that the system analyzes can be:
- card country and sender IP
- the number of payments and their amount in a certain period of time
- payer and recipient bank
- 3D Secure card support or its deficiency
- phone, email, address, passport data
- any details of the purchase, such as cities and countries of flight for the purchased ticket, the fact of customer identification
- history of previous purchases
- suspicious activity
All data, including card data, is protected by the multi-level encryption that uses cryptographically strong algorithms that protect the personal data of payers and merchants from being accessed by third parties.
All-in-all, fraud prevention platform provides extensive analytics to detect fraudulent or suspicious activity in the early stages. In most cases, all the information is a real-time. Anti-fraud software helps customers reduce or eliminate chargeback (friendly fraud) disputes. These actions save merchants money and keep a chargeback ratio on the acceptable level.