41st Parameter announced the availability of FraudNet 3.0 which allows fraud investigators to be more effective through multiple dynamic fraud investigation tools and hundreds of risk engine rules in one place, including time sensitive fraud alerts.
FraudNet is a comprehensive fraud detection and transaction monitoring application primarily for e-commerce and the travel service industries. Already protecting hundreds of retail sites and multiple airlines, FraudNet has proven effective wherever installed, for example:
- Major Airline – 100 per cent increased fraud detection after implementation
- Top Specialty Retailer – Reduced chargebacks 65 per cent and staff by 30 per cent
- Leading E-Commerce Platform Provider – 50 per cent reduction in fraud with 65 per cent staff reduction
- Large E-Commerce Aggregator – 80 per cent reduction in fraud
FraudNet 3.0 allows investigators to view suspect orders, aide informed decisions and, through link analysis, quickly recognise multiple transactions with common data elements – ultimately allowing increased fraud detection and intervention. The application is completely covert; requiring nothing from the user and does not alter the user experience or tag the device in any way.
New features include:
- Dynamic Queue – Highlights fraudulent transactions due to be executed in the short-term. For example, fraudulent airline ticket purchases for flights due to leave in the next two hours will be flagged for immediate attention
- Automated Analysis – One single dashboard, displaying all layers of fraud detection and analysis (Device ID, Risk Scoring, AVS, CVV2, IP Geolocation, system data, language, risk audit trail, order transaction details and more) for quicker investigative review and decisioning
- Enhanced Custom Link Analysis Tools, especially useful for fraud ring detection – DataSpiderÃ¢â€ž? links seemingly unrelated orders with common data elements to identify fraud. SketchMatchÃ¢â€ž? link analysis identifies transactions placed by the same fraudulent device, without relying on user-entered data
- Bulk Actioning – Quickly identify and process groups of activities, such as approve or reject several orders, with just a single click.