Applications – Payment Fraud
AKA – Credit Card Fraud, Card Not Present (CNP) Fraud, Alternative Payment Fraud
Once a business goes online, it is by default a global business subject to all the issues that come with buying and selling goods across the Internet. Even if a business doesn’t sell products outside of their own country they can be affected by fraudsters around the world trying to hide who they are and where they are in order to steal information, products and money.
As cyber crime evolves, the size, speed and sophistication of fraud and fraud networks makes uncovering fraudsters more difficult for businesses everyday. New methods of purchasing such as mobile devices (phones, tablet PCs, etc.) and alternative payments (PayPal, BillMeLater, gift cards, virtual currency, etc.) add to the complexity. If that wasn’t enough, businesses that sell products online are 100% responsible for losses and costs associated with fraud like chargebacks.
Static data of the past like AVS and CVV are no longer sufficient to detect and prevent fraud. Kount uses multiple techniques and proprietary technologies to expose fraudsters, detect and prevent fraudulent transactions before losses occur.
Kount Complete™ uses patented technologies like Multi-layer Device Fingerprinting, Proxy Piercer™ geolocation, velocity checks, cross-merchant order linking, Persona™ behavioral modeling, statistical scoring and a powerful rules engine that can help detect fraud the very first time it appears. The powerful Kount platform reviews each account creation event and returns a risk assessment in an average of just 350 milliseconds.
With Kount you can quickly determine if the user is a customer or a fraudster:
- Detect proxy IP addresses and reveal the true location of a fraudster
- Detect inconsistencies in device, location, address, email, etc. to reveal suspicious activity and anomalies
- Eliminate inconvenient security checks for good customers.
- Track velocity of information being presented to detect fraudulent activity such as multiple accounts associated with a single device.
- Detect account utilization anomalies such as credential sharing.
- Link variables such as device, email, credit card, etc. to detect fraudulent associations across our entire merchant base.
- Identify fraud rings and fraud-staging activities
- Reveal fraudulent activities such as “card testing”, synthetic identity creation and use.
- Provide comprehensive risk score from Kount’s integrated platform for a complete analysis of fraud
- Detect bad behavior associated with new accounts.
- Stop the repeated creation of accounts by malicious users.
- Customize rules to match the unique needs of an Internet business.
- Automated, real-time use of best-in-class identity verification tools.
- Easily create/add positive and negative lists using automation.
Even with all this, Kount provides the fastest most accurate responses with their all-in-one, turnkey fraud solution that is easy-to-implement and easy-to-use. For more information, complete the form on this page.
The Scenario
A fraudster goes online and purchases 100 credit card numbers with accompanying cardholder information. Then they go to a non-profit organization to make small donations, testing the cards to see if they are accepted. The fraudster finds a number of cards that are approved. Next, they go to an online retailer of office supplies and purchase computers, phones and toner cartridges. Once the receive the items, they are liquidated at an auction site like ebay to monetize the stolen items. Customers and merchants may not realize that the credit cards were compromised for days or weeks, too late to stop the fraudulent purchases.
Kount detects, exposes and prevents the fraud from occurring protecting both the victim and the merchant in real-time, avoiding costly losses, chargebacks and angry customers.