Tuesday, March 27, 2007

Detect fraudulent online transactions

Did you know that the United States is the Highest risk country for fraudulant online transactions. Check out the graph below:

I got it from the FraudLabs website. The company helps with Online Fraud Prevention through a hosted, programmable XML Web Service called the Credit Card Fraud Detection Web Service. This service allows instant detection of fraudulent online credit card order transactions.

In order to do this, you just provide them non-intrusive online transaction data such as IP address, email address domain name, delivery address, credit card bank identification number (BIN), area code and ZIP code. They will then analyze and score the transaction information using a proprietary lgorithm based on known risk factors derived from online fraud patterns.

Online fraud can result in loss of revenue, wastage of productivity and increased operation costs. Online retailers as well as individual sellers can avoid this by using this service.

You can also put other data such as "Last 10 Anonymous IP for High Risk Online Transaction" on your website by just pasting the script provided on their "Live Chart" page.

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