As cybercrimes become one of the greatest threats to business, fraud prevention tools are of high importance nowadays. Fraudsters and cyber criminals hack the systems, misuse personal data, and make numerous problems for businesses. Online transactions are our reality, that is why we need fraud detection and fraud prevention tools.
As cybercrimes become one of the greatest threats to business, fraud prevention tools are of high importance nowadays. Fraudsters and cyber criminals hack the systems, misuse personal data, and make numerous problems for businesses. Online transactions are our reality, that is why we need fraud detection and fraud prevention tools.
Pay attention to the most common types of digital fraud in Europe and in the USA. Namely, they are the following:
· Identity thefts, when transactions are made via stolen or fake ID. Credit cards frauds are the most widespread.
· Chargeback fraud, when a purchase is made by card, but immediately after, it is put in a claim because of probable stealth of the card.
· Affiliate frauds appear when traffic and income are stolen directly from the website of the company.
· Thefts of accounts, which lead to problems with the reputation of the company.
For each and every case there are different fraud prevention tools, that can be combined together. Such a thing has done Cover — the company that protects businesses since 2016. It provides the fullest anti-fraud System that comprises the following risk management software:
trust chain;
device fingerprinting;
machine-learning;
automation of KYC/KYB/AML.
All these fraud prevention tools together are aimed at fraud detection while checking all the actions and stages of purchasing by clients. The risk management software thoroughly picks up and analyzes all the available data and gives the company decisions and advice for fraud detection.
As a reliable anti-fraud System Covery also possess special features that can create in-depth analytical reports about all the activities on the website. That means that you do not need to have a special IT department to work with fraud prevention tools and make their analysis. Inside this system, all the valuable information will be gathered and stored together for your convenient usage.
In a nutshell, online businesses cannot survive without fraud detection and a trustworthy anti-fraud System. Look through different fraud prevention tools and options that are available nowadays and choose those that suit your needs most in order to stay safe and well-protected and never lose your income or reputation.
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