Fraud Prevention Platform
What is a fraud prevention platform?
A fraud prevention platform aims at fraud prevention. In other words, its goal is to prevent losses and weaknesses merchants may face because of illegal actions.
Firms and enterprises may use it to protect themselves from internal and external fraudsters. The system reduces the time needed to serve the clients. That, in turn, leads to the customers’ loyalty increase. The better the company serves the clients the lesser the opportunity of friendly fraud. Minimizing service time also leads to lesser fines. At the final score, the company minimizes financial risks.
With the help of fraud prevention platforms, merchants can require additional authentication means for better security.
The set of the parameters, the platform may track may include:
- the number of payments during a specific period of time,
- the amount of transactions during a specific period of time,
- the senders’ IP,
- previous purchases history,
- personal data + additional, etc.
Moreover, the platform will use encryption protocols to secure all the data. That means, financial and personal data is totally safe with fraud prevention platform.
The main goal of the fraud prevention platform is to provide inclusive analytics. Thanks to the anti-fraud software the platform uses it’s possible to detect friendly fraud and suspicious activity in the early stages. That reduces merchants’ chargeback ratio. Also, that means merchants won’t lose money on disputes’ reimbursements.