FraudLabs Pro - Outsmarting Credit Card Fraud Together

Jan. 8, 2013 - PRLog -- Internet business has sprung up like mushroom after rain, creating vast business opportunity for everyone around the globe. However, this lucrative opportunity also attract the attentions of many fraudsters and scammers. Therefore, it is very critical than ever to be as watchful as possible when dealing with every single online transactions, to avoid unwanted threat to all businesses.  To prevent losses of the revenue to fraud, you should learn on how to unveil a fraudulence transaction to reduce the fraud and chargebacks.

The most common but challenging issues the merchant faced, is to screen through the online orders to keep fraud rates as low as possible.  There are several comprehensive fraud screening systems available online in order to automate the fraud detection with shopping cart module, such as FraudLabs Pro.

FraudLabs Pro provides quality solutions with its sophisticated rules engines, which facilitate users in screening credit card transactions for online frauds. It therefore increases merchant profits by reducing the chargeback, improves the operation efficiency and provides the business intelligent. Merchants can easily investigate all complicated, high-risk orders within minutes through our powerful analytics engine.  Then, they can immediately decide the next course of action based on fraud distribution score or custom rules defined.

Merchants can customize the algorithm by accepting or rejecting the transactions based on their business requirements to improve the fraud checking logics, although our system does produce a fraud score which based on the result from the parameters, such as geolocation data from an IP address, email address, credit cards and devices info from our network.

According to 2012 Online Fraud Report released by CyberSource, to improve fraud detection and combat fraud, merchants should focus on gathering as much data as possible for every transaction no matter how trivial it may seem. Then with the help of the automated order screening tool, merchants are able to enter manual review stage with additional information collected to determine how the orders should be handle, accepted or rejected due to excessive fraud risk. At last, merchant can then evaluate and fine-tune their fraud management rules from the trend and gets improved further in the future.