Collusion
175%
80%
50%
Collusion plagues multi-party payment facilitators – banks moving money from payers to payees, marketplace owners connecting buyers and sellers, gaming companies serving multiple players simultaneously or ride-sharing companies that move money from passengers to drivers. They are at high risk when a single party commits fraud individually, but when multiple parties collude together, it becomes increasingly difficult to spot and even more difficult to stop. Machine learning and sensitive velocity triggers on Fraud.net’s platform can halt these schemes very early before they cause significant losses.
Recommended Products & Solutions
A user-friendly case management portal that allows you to set your own rules and review transactions efficiently and accurately.
Machine learning models are expertly engineered with the nuances of your business and industry already built in.
Visualize your real-time data to extract actionable insights, isolate risk and improve your business processes.
Shield serves as your early warning system by detecting malicious bots, fraudsters and other bad actors as they arrive on your site.
Monitor third-party data sources to benchmark your company’s performance including risk intelligence on payment methods, dark web data, IPS vulnerabilities and marketing channels.
Confirm users credentials through login scoring, multi-factor authentication or out-of-band applications.
Digitization Reduces Collusion
Collusive fraud also happens frequently at big organizations involving everything from fraudulently issued (and shared) customer discounts, inventory shrinkage, kickbacks, and contract allocations, temporary staff number manipulations, remote office fraud, and personal expense abuse.
Each of these can be minimized using strong controls, capturing all relevant process data, and by analyzing the data using anomaly detection.
The Power of Getting Identity Right
Organizations are challenged on many fronts in their efforts to protect their customers and their businesses against fraud. The increasing growth and complexity of digital commerce leaves merchants and financial services firms vulnerable to cybercriminals and requires that organizations continue to innovate their security and anti-fraud policies across all digital channels.
But once your organization can accurately confirm the identity of your new website visitor, applicant or customer, the virtuous cycle begins. Use Fraud.net’s Identity Services to identify and remove the <1% of fraudulent and high-risk users so that you can focus on thrilling the >99% of high-trust customers.
Digital Strategy and Consulting
Ecommerce Merchants decline 45% of all transactions, however 22% turn out to be false positives.
This loss of revenue is significant to businesses already operating on slim profit margins.
