41st Parameter Introduces FraudNet 3.0
41st Parameter has announced the availability of FraudNet 3.0, allowing 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. Coupled with 41st Parameters' tagless PCPrint Device ID technology, FraudNet helps companies quickly and efficiently identify fraud and fraud rings across multiple channels, reduce fraud losses and chargebacks and improve productivity.
"Millions of dollars in fraud goes undetected each year because retailers and e-commerce companies do not have the tools needed to identify patterns and fraudsters effectively," said Ori Eisen, founder and Chief Innovation Officer of 41st Parameter. "With FraudNet 3.0, we give companies unprecedented insight into fraudulent behaviors, allowing them to catch fraud they may not have even known about without our system."
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, with impressive results wherever installed. For example:
- Major Airline - 100% increased fraud detection after implementation
- Top Specialty Retailer - Reduced chargebacks 65% and staff by 30%
- Leading E-Commerce Platform Provider - 50% reduction in fraud with 65% staff reduction
- Large E-Commerce Aggregator - 80% reduction in fraud
FraudNet 3.0 allows investigators to view suspect orders, aide informed decisions and, through link analysis, quickly recognize multiple transactions with common data elements -- ultimately allowing increased fraud detection and intervention. FraudNet 3.0 is completely covert; requiring nothing from the user and does not alter the user experience or tag the device in any way.
New Features of FraudNet 3.0 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 -- DataSpider(TM) links seemingly unrelated orders with common data elements to identify fraud. SketchMatch(TM) 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.
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