Containing the damage after a breach: Fraud.net

Fraud.net, the leader in crowd sourced e-commerce fraud prevention, enables merchants to pool their fraudulent and suspicious order data into a real-time, searchable and sharable database. This patent-pending SaaS solution is the largest effort to combat online fraud using retailers’ collective intelligence.

yber security and fraud prevention are two sides of the same coin. Hackers usually target data that can be most easily monetized, such as credit card data and bank account information. The stolen data is then sold over the internet to fraudsters who use the data to illegally extract cash and goods from merchants. Even as cyber security systems become more sophisticated, they still remain exposed to ever-evolving cyber attacks and insider vulnerabilities. Fraud.net was founded on the premise that data breaches will continue occur and online payment fraud will remain a persistent and imminent threat. Fraud.net’s risk management and fraud detection programs make it easy for clients to reduce fraud losses, spend less on order processing, and gain deep customer insights. Fraud.net offers a full suite of real-time tools including big data analytics and advanced machine learning applications.

Device Detection- Risk Scoring- Transaction Profiles
In the online environment, the merchant is held responsible for all losses and sometimes the liabilities are shared with the payment processor. So from the physical and virtual goods to payment services, there is an underlying risk at every stage of transaction. With their clients being mainly merchants who operate online, Fraud.net tries to give both the large and small clients an opportunity to make the most out of technology and protect their data.“The virtual merchant does not have shipping or billing addresses in the virtual world. So the detections we provide are for virtual merchants and their goods. We provide not only warnings but all round protection for them. From detecting potential threats to calculat risk levels, we have all that it takes to be a leading provider of security services”, adds Whitney.

Fraud.net crowd sourced initiative is the only solution founded on the collective intelligence and experiences of all participating merchants who have the ability to collectively prevent most of the online fraud that occurs, the key to success being, sharing and easily searching, data on fraudulent orders. Thus Fraud.Net offers four key solutions that can benefit users immensely:-

• FN Device Fingerprint: Identifies and tracks users entering your site in real-time. Alerts you if the device has been involved in fraud and detects patterns indicating potential fraud.
• FN Risk Score: Creates a user risk score for every transaction submitted in less than 200 milliseconds. Accept, Reject, Review – you customize the settings
• FN Profile: You get a detailed customer profile and network history for every order. Great for manual reviews and customer authentication
• Fraud Analytics: Improve business processes, reduce costs and optimize staffing. Benchmark your program against industry peers in real-time.

Ever-ready to cater to the needs of clientele
From address to payment, there is risk exposed at different stages of an online transaction. The virtual merchants selling downloadable goods has a different security requirement than one shipping goods. Fraud.net’s focus is on payment fraud and that is being solved by merchants, for themselves and for one another as well.

The company’s different products and approaches have never failed to sort out the client’s issues with security as the needs of every retailer and merchant have been catered to with precision and dedication, in spite of each requirement been very different from the other. And today while old companies carry experience, Fraud.Net carries collected knowledge acquired by its team members and believes that the more a new company is flexibile, higher are the chances of making profits and acquiring different benefits.That said, Fraud.net’s service is a collective intelligence solution to combat fraud as a whole and the company is sure to attain new heights in the days to come.

Advantages of Fraud.net

• Fraud.net System not only identifies more fraudsters, but also approves more users that have had good transaction histories
• It allows clients to identify and predict fraudsters earlier, which users are most likely to file a chargeback
• It verifies profile information from geo-location data to social account activity and pulls together manual review data
• Using machine learning, it customizes over 4,500 predictive signals that identify and then predicts fraudsters patterns specific to the client’s site or application
• It prevents fraudsters from using stolen credit cards and deprives them of easy gains
• Its customizable settings gives clients some amount of control in the fraud prevention process

Quick Facts

• Signals Analyzed with each transaction = 4500+
• Transaction Events = 10360M+
• Fraudsters Tracked = 432K+
• Avg Query Response Time = 210ms

Clientele
5 billion dollar e-tailers and many hundreds of SMBs, including Florsheim.com, GreenMarket.com, MotherNature.com, AUTHENTICATE, WellDyneRX, PlanetRx.com

Client Feedbacks
“Since implementing Fraud.net, we’ve seen our fraud rates reduced by almost 50%”
– REBECCA BOLDIN- iMed.com

“Fraud.net’s order profiles have allowed us to drastically reduce our manual review processing times”
– KEVIN CHO
– Vitamin Warehouse

“I’ve been waiting for a service like this one to come to market. It makes perfect sense”
– DAN KREBS- GreenMarket.com

Founder’s Experience
“I moved on to Fraud.net space where Mothernature.com had left blank. I figured out the interface between technology, real-time data analysis and client needs. With predictive modeling designed to find fraud patterns specific to clients, my team and I have ensured that advanced analytics are factored into the algorithm that calculates risk scores for the client’s site and while the company makes recommendations, it always allows clients to manage their own risk profile. Our system lets you easily manage and analyze fraud, freeing up time and resources to dedicate to growing your business. Our real-time reporting and advanced, cloud-based technology, gives you the power to quickly identify risk and pinpoint opportunities.” – Whitney

“We help to create a safer internet for everyone by enabling merchants to securely and anonymously share fraud data with other merchants in real-time”