Fraud detection technology launched to offer automated and manual checks
Payment service provider Ogone has launched an online payment fraud protection tool that it said aims to reduce false positives relating to automatic or manual checks.
According to the company, Ogone Fraud Expert includes device fingerprinting, a rule set of over 20,000 controls, a database of pooled industry and merchant knowledge and the option of outsourcing dubious transactions checks to Ogone's team of fraud consultants.
Filip Gosselé, product director at Ogone, said: “All in all, most of our clients' fraud prevention costs have increased, which means that their margins have been correspondingly hit.
“Ogone Fraud Expert has been developed in order to provide an answer to these issues by combining precise configuration of historical risk analysis assistance tools, new fraudster identification tools and the outsourcing of the checks to Ogone's fraud consultants.”
The company claimed that to protect against online fraud, merchants have adopted an increasing number of solutions that help them to evaluate the risk level of a transaction by analysing certain criteria. However, this has resulted in tightened blocking rules, which has led to a greater number of legitimate transactions being rejected, while the installation of anti-fraud systems requires dedicated teams.
Ogone said that Fraud Expert enables merchants to relax their blocking rules, thereby reducing the automatic rejection of legitimate transactions and offers support for refining the configuration of their risk analysis criteria.
“Whatever the recommendation, the final decision to accept or reject a transaction is a matter for the merchants, who remain firmly in control of their sales strategies,” Gosselé said.