41st Parameter Inc., a provider of Internet fraud intervention and detection services and technology, announced the availability of FraudNet 3.0.
The product allows investigators it is claimed to be more effective through multiple dynamic fraud investigation tools and hundreds of risk engine rules in one place, including time sensitive fraud alerts. This, coupled with tagless PCPrint Device ID technology, helps companies, the software firm adds, 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 behaviours, allowing them to catch fraud they may not have even known about without our system."
FraudNet is already protecting retail sites and airlines, reducing for example chargebacks.
FraudNet 3.0 allows investigators to view suspect orders, aide informed decisions and, through link analysis, recognise multiple transactions with common data elements; and does not alter the user experience or tag the device. It can highlight 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. DataSpider links seemingly unrelated orders with common data elements to identify fraud. SketchMatch link analysis identifies transactions placed by the same fraudulent device, without relying on user-entered data.
