In a world where people are increasingly reliant on a variety of internet-connected devices for everything from banking to booking travel to shopping, preventing online fraud and creating friction-free customer experiences are constant and complex business challenges.
Adding to the complexity, the mobile channel is growing at an unprecedented rate. While this is good news for businesses and consumers alike, the anonymity and privacy regulations associated with mobile devices can make accurate fraud prevention and detection extremely difficult.
Fraud can seem almost impossible to stop with the ever expanding and innovative ways fraudsters compromise customer credentials, such as:
In order to stay one step ahead of the fraudsters, it is critical to utilize all available data to determine the validity of each transaction. Therefore, it is imperative to have visibility into all devices visiting a website – PCs, tablets, iPhones and Androids, game consoles and even Internet-connected set-top boxes and kitchen appliances.
The industry’s most successful fraud practitioners in financial services and e-commerce have forced a shift in the methodologies and practices being used to fight person-not-present fraud. 41st Parameter helped the industry to understand that fraud prevention did not also mean sales prevention – finding the balance between approving good transactions seamlessly and only reviewing those truly risky transactions. Today, Experian and 41st Parameter are recognized for on-going innovation at the forefront of performance for enterprise-class solutions.
FraudNet is proven to be extremely effective in large real-world deployments, scoring several million events per day while maintaining stringent fraud performance standards.
We serve some of the largest financial institutions, e-commerce merchants and travel services providers for whom we deliver reductions in fraud losses and attack rates. Our clients include:
Analyze every new online account request to determine the level of risk.
Identify which transactions are fraudulent and which are valid.
Monitor account login and other activity to provide early warning of potential account takeover activities. This form of detection often allows fraud to be prevented before any transaction has taken place.
Utilize device identification data to effectively combat fraud. DeviceInsight comes integrated in to FraudNet, it provides a frictionless experience for customers while detecting and preventing fraud.
Frictionless online fraud detection with FraudNet