8 Fraud Prevention Tools You Should Immediately Add to Your Arsenal

Still using a single API to combat fraud? Level up!

The Federal Trade Commission (FTC) reported that Americans lost over $480 million due to COVID-19-based frauds. Fraudulent attacks come in many forms. For this reason, companies need to expand their offense (a good defense) by leveling up their fraud prevention strategy. One such way is to leverage multiple tools at once, to comprehensively risk score incoming applications, transactions, and account changes, among other activities.  

Fortunately, we’ve outlined 8 key fraud prevention APIs you should immediately leverage in your fraud prevention portfolio. Use these tools to defend your company from diverse fraud threats. 

Here are the eight fraud prevention tools you should consider adding to your arsenal immediately:

1. Jumio leverages biometrics, AI, and the latest technologies to quickly and automatically verify customers’ digital identities. Jumio provides companies the assurances that someone is whom they claim to be online, so they can instill trust in online channels, meet AML/KYC compliance and fight fraud and financial crime.
2. ComplyAdvantage is an automated customer onboarding and monitoring with a real-time AML risk database. ComplyAdvantage helps companies streamline customer onboarding, boost customer satisfaction with frictionless experiences, and reduce remediation time and costs. It also offers autonomous systems to refresh entity profiles within minutes of a change.
3. DIRO is an instant online document verification solution that reduces costs, efforts, and mistakes for KYC/KYB compliance. DIRO authentication reduces the chances of identity theft and money laundering, and protection for Forged, Counterfeit, Stolen, Camouflage, and Compromised documents using an Instant online verification with immutable proof. DIRO’s online document verification technology can detect 100% document-related fraud. DIRO also verifies any document globally. DIRO provides court-admissible records that prevent financial crimes.
4. Emailage specializes in email fraud detection so companies get a customer profile with any associated risk score based on an email address only. Emailage’s technology includes Real-time alerts and Advanced Digital Insights that help companies Identify and prevent fraudulent online transactions and gauge risks associated with customers’ email addresses through an email risk score.
5. Plaid verifies users’ identities and reduces fraud. To complement KYC procedures, it retrieves user names, phone numbers, addresses, and emails for individual and joint accounts. Plaid can instantly authenticate accounts at thousands of banks. It can also assist companies in managing daily operations with reporting and convenient dashboards that provide insights.
6. Twilio offers telecommunication solutions for businesses, most notably their step-up authentication service. This service is used to verify phone numbers associated with accounts and identities to assess whether a fraudulent user is attempting to defraud your business. Twilio’s service helps combat common financial fraud threats such as application fraud, transaction fraud, and payments fraud. 
7. Telesign provides consumer identity services to help businesses prevent synthetic identity fraud. Telesign’s services help businesses verify new customers, comply with Know-Your-Customer (KYC) standards, and ultimately build a secure and trustworthy platform. Telesign also provides step-up authentication. 
8. Full Contact consolidates disparate data points about customers to verify their identities and deliver high-quality experiences, in what they refer to as “Identity Resolution.” Full Contact’s Identity Resolution provides a holistic view of customer data to provide key insights to businesses whilst maintaining privacy standards and providing a trust layer. Full Contact’s services are especially useful in combatting social engineering and synthetic identity fraud.

What do all of these fraud prevention tools have in common? They’re conveniently hosted in Fraud.net’s AppStore, a platform leveraging 25+ vendors to assist you in your risk management efforts. 

Fraud.net’s AppStore Powers Collaborative Fraud Management

Typically, fraud analysts manually juggle risk scores within different APIs on multiple screens and spreadsheets. Unfortunately, all this disparate data management results in tedious reviews and constant switching between siloed platforms. Additionally, what may be approved under one API may be flagged as high-risk under another. With siloed platforms, reconciling these results is complicated.

Fortunately, Fraud.net has a solution, with integrated fraud prevention from different data sources in one platform. From device fingerprinting and customer ID information to social media activity, Fraud.net’s AppStore gives companies an easy-to-use interface and dashboard. As a result, this allows them to view the results of all their APIs on a single console. 

Tedious reviews and tab-switching will be a thing of the past. 

With over 25 different world-class solutions to choose from, companies benefit from billions of insights. They can unify and supercharge their fraud-fighting orchestration with solutions for identity verification, behavioral biometrics, KYC, and AML. Additionally, they can bring their own vendor into our AppStore, powered by our Collective Intelligence Network.

Using Collective Intelligence Benefits Companies

The more information you have around your rules-based processes, the better informed and more effective they become at orchestrating fraud detection and prevention. Fortunately, Fraud.net’s Collective Intelligence Network provides an excellent orchestrated fraud prevention tool. 

Using data analytics and AI-based machine learning solutions, companies can identify potential risks. Additionally, this enables companies to better decide how to deal with those risks. Collective Intelligence enables companies to anonymously and securely pool fraudulent and suspicious transaction data so fraudsters can’t copy the same attacks against various companies.

When one company faces a new fraud scheme, all companies within the Collective Intelligence Network benefit from the new data informing our machine learning models. As a result, this continually optimizes and strengthens our platform. Combatting fraud is better done as a collective effort, not a solitary one. 

Efficient, Effective Risk Management with Fraud.net’s Fraud Prevention Tools

Fraudsters are out there innovating their challenges of fraud and cyber security. Are you innovating too? Organizations must streamline and level-up fraud prevention efforts and toolsets to protect their customers, data, and businesses.

Fraud.net’s AppStore is just one tool in our award-winning platform built to harness AI-driven risk intelligence to detect fraud so you can streamline to make safer, smarter, and more profitable decisions. 

Our company provides an all-in-one, AI-driven customizable toolkit that constantly updates and expands your business’ real-time risk-Scores and fraud detection, case management, and collective intelligence insights.

Interested in learning more about how Fraud.net’s AI solution can help you unify and orchestrate your fraud management? Request a demo from one of our fraud specialists.