What is Fraud Prevention Software?

Introduction

Fraud prevention or fraud protection software is utilized by e-commerce firms to analyze risk factors and identify high-risk transactions to prevent fraudulent consumer behavior. The tool applies algorithm-based evaluation to data sources to evaluate the risk of every transaction. E-commerce stores are particularly vulnerable to suspicious and fraudulent transactions because customers place orders on a mobile device or website.

Fraud prevention software assesses information from multiple sources before advising rejection or approval of customer profiles. The tool spots irregularities and prevents chargebacks and lost sales. It integrates with e-commerce solutions and predictive and behavioral analytics software.

Fraud protection software proactively monitors for possible high-risk and fraudulent activity, identifies and analyzes consumer buying behavior, helps online stores comply with standards and regulations of evaluating fraud, protects sensitive customer information, and utilizes a procedure that authenticates, declines, or approves high-risk activity.

Features of Fraud Prevention Software

Customized Machine Learning

Often, the best tips to catch fraud are unique to a business. Fraud prevention software uses machine learning technology that automatically adjusts to your company. Send your custom data to the vendor and they will analyze it to detect accurate fraud signals.

Real-time Learning

The software continuously improves itself by learning in real time from transactions on your site as well as the input you provide.

Automated Decision Making

Automate your actions and business decisions based on feedback from the software’s real-time machine learning feature. This could be a basic "Accept/Block" decision or an issue specific to your company. You can easily automate it with a fraud prevention solution.

More Control

Your fraud team gets the power to install and improve your automated fraud detection workflows straight from the software’s console. This helps to enhance their efficiency.

Effortless Setup and Integration

You can easily and quickly integrate fraud protection software with your other solutions like a custom admin application or an order management platform.  

Email Analysis

Top fraud prevention software tools find disposable domains and utilize n-gram analysis to detect contextual trends among fraudsters.

Benefits of Fraud Prevention Software

• You can prevent high-risk activity and fraud, and reduce their adverse effect on your company’s reputation and bottom line.
• You can prevent employee as well as customer fraud by a long way. The software also offers performance reports that provide actionable insights.
• You can reassure your customers that the fraud prevention software you have put in place protects them from identity theft as their important personal and credit card details are kept secure.
• With this platform, you can protect your organization’s revenue, reputation, and brand – which are important elements for your continuing success.
• The software tracks transactions in real time to detect fraudulent activity as it occurs on your website.