Fraudulent risk detection API is a system that helps businesses identify and flag fraudulent activities, such as attempting to make unauthorized payments. This can protect businesses from incurring significant losses and save them the time of manual fraud investigation. The technology works around the clock to protect businesses from a wide range of fraudsters, including bots and credit card fraud. It can also help prevent data theft and other forms of identity theft.
Why Use A Fraud Detection API?
Fraud is a serious issue that can cost ecommerce and other online businesses significantly. It can take many forms, from opening multiple accounts to claim promotional codes to submitting false information during registration. This can cause companies to lose money in the form of lost sales, chargebacks for faulty goods or even compliance fines. It is therefore essential for any business that has a web presence to have a robust fraud detection and prevention system in place.
The best way to mitigate the risk of fraud fraudulent risk detection API is to have a fraud detection API in place. These systems use machine learning to analyse a vast amount of data in order to predict whether a customer is likely to commit a fraud-related act. This can be done by analysing a number of different factors, including the customer’s purchase history, location, device type and other details. By comparing this information with the fraud patterns of the average customer, the system can identify any anomalies and flag them for further investigation.
A fraud detection API can be easily integrated into a website or app. This means that businesses can use the technology without having to learn about the ins and outs of a full fraud prevention engine’s code. This can save a lot of time and effort for the IT team. Additionally, the APIs can usually be used immediately, meaning that they can be put into place quickly to prevent fraud as soon as it is detected.
Using an API-based solution can help minimise the impact of fraud on your business, by providing a rapid and accurate decision that is based on a combined network of data from the world’s leading ecommerce platforms. This allows you to build trust with your customers and reduce friction in the checkout process, whilst also protecting them from phishing attacks and other common types of fraudulent activity that can be difficult to spot manually. Riskified is a leading fraud management platform that provides accurate decisions about who is behind each transaction, based on the behaviour of a large network of the world’s largest online merchants. It can identify 40+ types of invalid traffic, including phishing attacks and other advanced fraud techniques, as well as bots and other non-human traffic. This can be easily integrated into a website or mobile app to provide a more trusted, secure experience for your customers. This helps to increase conversions and protect your business from chargebacks.