Fraudsters are technologically savvy these days, so fighting back against them requires sophisticated technology. There are multiple tools available to ecommerce website owners, and selecting the right one for your needs is crucial. However, not all tools are created equal; you need to balance stringent protection with a low friction experience for genuine customers.
The best Anti-fraud tools for websites should have a variety of functionalities. For instance, they should be able to scrutinize payments for signs of fraud and verify the identity of users. In addition, they should be able to halt suspicious activity immediately. Some fraud detection tools also provide analytics to help you identify the most common fraudulent activities and prevent future occurrences.
Anti-Fraud Tools for Websites: Enhancing Security with the Latest Technology
Rule-based risk scoring: Merchants can set rules based on their experience with previous fraud and generate risk scores for incoming transactions. Transactions with high-risk scores are typically flagged for manual review or rejected altogether.
Device fingerprinting: ML-based tools like DupZapper can track the consistency of data for all devices that access a website to detect fraudulent patterns. This feature helps eliminate false positives by identifying unique features of the user’s computer or mobile phone.
Geolocation: This feature identifies the location of the customer using GPS, Wi-Fi, and other signals. This allows you to identify fraudulent activities, such as ordering from a location that isn’t the cardholder’s billing address.
Kount is a fraud management software that uses both supervised and unsupervised machine learning to make the most accurate risk assessment possible. This results in better fraud prevention with fewer false positives.