Combat online fraud with Transaction AI.
Due to the many advances in technology over the decades, criminals are able to commit fraud with much more ease. They are also able to perform more advanced scams at much lower costs. Thus, when it comes to verifying the authenticity of transactions in today’s world, human intuition only goes so far. An online fraud detection solution may be right for your organization.
Problems with modern fraud techniques
Unfortunately, fraudsters have been gaining ground on unsuspecting organizations due to the decreasing costs of certain technologies. In fact, one of the most worrisome technologies on the radar is AI.
Criminals are able to leverage the power of AI to create much more believable scams that humans can’t detect. This may include:
- Social engineering attempts.
- Phishing emails.
- Videos.
These methods seem legitimate enough to convince an end-user to do something that aids criminals in their activities, such as providing them with sensitive personal or financial data.
Your list keeps growing
Organizations already have a large list of problems to deal with when it comes to running their business. Transaction anomalies related to fraud can be nearly impossible for humans to detect when there are thousands or more occurring per second.
This lack of visibility and awareness means that the more sophisticated criminals become, the more likely it is your personnel will be processing chargebacks weeks after the fact.
In situations such as this, the costs associated with fraud grow to a point where it only takes a few incidents to bring your organization down.
How successful is online fraud?
The Federal Trade Commission reported earlier this year that they received over 2.1 million fraud reports in 2020. Impostor-based scams are the most common, with online transaction fraud coming in at a close second.
Indeed, online transaction scams accounted for $246 million in losses throughout 2020. This means that the success rate for fraudsters is rising.
An increase in success means that your organization could be losing not only due to chargebacks but also from the negative impact on your brand’s name. If customers lose confidence in you, your future business could be lost – all because of fraud.
Therefore, this represents a high-priority risk. And assessing such risk means that your organization needs to find an effective online fraud detection solution quickly.
Fighting fraud effectively at Fraud.net
Fraud.net has countered the growing problem of criminals using advanced technologies by developing our own AI-powered solution.
When it comes to detecting transaction fraud, we have access to billions of data points that drive our AI platform to improve the accuracy of risk decisions.
As a result, the personnel responsible for managing fraud within your organization become more effective at their job (and more efficient from a cost standpoint).
What if I already have an online fraud detection solution?
Traditional fraud detection solutions rely on static mechanisms that require a high degree of predictability. This results in a large increase of both false positives and false negatives. Your teams end up running in every direction trying to pinpoint actual fraudulent activity.
Our fine-tuned AI solution removes these types of errors so you can make accurate decisions before it’s too late.
What exactly does Fraud.net’s transaction AI do?
Our product is able to offer fraud detection for a variety of payment transactions. Your personnel can:
- Leverage real-time, actionable alerts to help detect fraud before it occurs.
- Utilize risk scores that are associated with each transaction to give the insight necessary to separate fraud from a false positive.
- Customize case management. When it comes to managing fraud cases, you can create thousands of risk rules and workflows that are specific to your industry.
The ability to visualize and quickly interpret fraud trends means your personnel can always stay ahead of criminals. How is this possible? Transaction AI combines your organization’s customer data with billions of data points we collect from unique sources.
This data is exclusive to Fraud.net users, meaning you have special access to critical information used to detect fraud. With this feature, you can track suspicious activity much easier than before.
Our winning strategy
By teaming up with partners and payment processors, we collect anonymized data about real-world fraud case studies. This allows us to give your organization the tools needed to detect known bad actors.
Before these fraudsters have a chance to act on your organization, you can detect them and prevent the incident ahead of time.
By tracking these data points, your personnel can identify the more subtle aspects of fraud that usually go undetected.
The value we offer
The expenses and time you save with our online fraud detection solution will immediately appear via:
- Accessibility. This information is easily accessible through our analytics and reporting portal, which puts timely information in your hands the moment that it counts.
- Collective intelligence. We have insight into shared tactics and joint campaigns carried out by fraud groups around the world, so we can identify patterns and flag potential risks quickly.
- Efficiency. Identifying fraud across the criminal enterprise is something that would normally take a large team of specialists to perform. We here at Fraud.net put this online fraud detection solution in your hands as a service.
Don’t wait around for the next case of fraud to hit your organization. Access a free trial to learn more about Fraud.net’s detection, prevention, and analysis technology.