Fraudulent transactions are orders and purchases made using a credit card, bank account or end-user account that does not belong to the buyer. Every online and mobile app business wants to be able to identify valuable buyers from fraudulent ones.
By verifying high-value and suspicious transactions through two-factor authentication (2FA) and establishing identity assurance through phone number intelligence, businesses can prevent fraud while supporting streamlined and secure transactions that lead to overall brand success.
ONLINE ECOMMERCE FRAUDULENT TRANSACTIONS EXPECTED TO HIT $16.6 BILLION BY 2020*
For cybercriminals, the opportunities to commit online fraud continue to grow. As more consumers are turning to the Internet to take advantage of the convenience of online shopping, banking, on-demand services and recreational activities, online and mobile app companies need to take action now to protect their business and their valuable buyers.
Transaction Fraud Types Include
Credit Card Chargebacks
Man-in-the-Middle or Man-in-the-Browser Attacks
Shipping & Payment Fraud
Fraudsters engage in account takeover, create fake accounts, launch botnet attacks and use other deceptive methods to commit transaction-based cybercrimes that result in the loss of valuable goods, an increase manual reviews, and higher fraud costs for businesses and their users.
When businesses know who their customers are, they are able to prevent fraudsters from entering their eco-system. Phone verification using number intelligence to develop a fraud risk score at account registration helps block fake accounts by identifying good users from potentially harmful ones. TeleSign’s solutions require minimal extra verification steps for the end-user; ensuring that unnecessary friction is not placed on good users.
To protect the accounts of legitimate users from malicious takeover and the fraudulent transaction of high-value goods, businesses should provide 2FA. With 2FA enabled, notifications can be triggered to approve, challenge or deny transaction activity. This helps reduce manual reviews, streamline the authentication process, accelerate revenue by not blocking false-positives and ultimately minimize fraudulent transactions.
Confirm User Identities & Activity Through
Fraud risk scoring
PIN code challenges
TeleSign’s verification and data & analytics APIs work together to provide a fraud prevention solution based on authenticating the identities and activities of suspicious users.