What Is Payment Fraud?
Payment fraud is typically defined as making a purchase or acquiring products and services illegally. Cybercriminals often use different types of scams to steal an individual's financial account information and then use the information to illegally purchase products or services online.
Once financial information has been stolen it is often sold online allowing multiple cybercriminals to commit payment fraud. In order to protect your business, you need an advanced fraud prevention solution that identifies and stops payment fraud.
How iovation Helps Detect & Stop Payment
You need to be able to tell the difference between your good customers and a criminal with stolen card information. Device-based fraud prevention uncovers the behavior patterns and anomalies that stop payment fraud in real-time.
Your business needs a fraud prevention solution that doesn’t create friction for your valued customers but does have a high fraud catch. iovation arms your fraud team with actionable, relevant, intelligence about the devices and people you do business with.
iovation Identifies High Risk Behavior That Can Identify Possible Payment Fraud Attempts
Our device behavior analytics tells your fraud team about the following high-risk behavior and anomalies:
- Proxy use
- Transactions from TOR
- High-risk locations, IPs, and ISPs
- Shipping location and credit card mismatches
- Geo-location, IP address, and time zone mismatches
- Velocity risks like multiple new devices per account
- Jailbroken or rooted mobile devices
We can also combine device-based risk assessments with your transaction-specific information like purchase amount, SKU, email address or phone number to help identify possible payment fraud. This combination provides enhanced, pinpointed insight into fraud when things don’t add up.
iovation Helps Identify Cybercriminals & Fraud Rings
Our link analysis enables you to see how devices and accounts are related, which gives you the power to efficiently discover and shut down fraud rings. iovation’s device identification isn’t dependent on personal information for recognition and uses comprehensive tagged and tagless technologies.
Watch the video below to see how iovation secure authentication and fraud prevention solutions help prevent payment fraud.