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Web Fraud Detection

Definition

Web Fraud Detection (WFD) is a set of services or a software product that detects and prevents fraud activities over the web. WFD market vendors use one or both of the following methodologies to detect fraud:

•  Rule-based -  based on what is known at that point in time

•  Mathematical predictive – artificially intelligent scoring techniques, self learning predictive models

Online fraud is on the fast track of evolution. As fraudsters continue to improve their methods and continue to launch increasingly sophisticated and unpredictable attacks all around the globe, organizations must look for a solution that can fend-off these kind of attacks, such as man in the browser or account takeover.

 

Organizations with high-risk applications and sensitive customer data must look for vendors and technology that can fend off increasingly sophisticated and unpredictable attacks, such as the current round of man-in-the-browser attacks.

 

User Benefits

Having a Web Fraud Solution helps you stopping more fraud with fewer resources. This enables you to redeploy staff to focus on other areas.

Online fraud can dropp by up to 90%. A centralized, single alert management system is improving investigator productivity, thereby improving overall customer service and satisfaction.

 

WFD typically applies to three use cases:

• Detecting account takeover

• Detecting new account fraud – when a fraudster sets up a new account using a stolen or fictitious identity

• Detecting use of a stolen financial account (for example, a stolen credit card) when making a purchase

 

Business Impact

More and more financial institutions, e-commerce sites, healthcare, online gaming companies and other business organizations are becoming more interested into atacks against their infrastructure and how these  attacks affects their brand or the consumer confidence. Consequently, by implementing such a solution they will make their fraud analysts more effective and will avoid the bad press writings about clients data breaches and mitigate the chances to have losses from a fraud. 


Products supporting this technology