Fraud prevention
The exponential growth of Ecommerce over the past few decades has opened up this market not only to an ever-increasing pool of users discovering the benefits of online sales, but also to an equally growing pool of cybercriminals lured in by many fraud opportunities of a relatively unregulated sector.
In response to the increasingly sophisticated tools available to those who commit illegal actions online, over the years the solutions to protect buyers and sellers have also progressed and developed into advanced systems, in an attempt to tackle the risks of fraud that still threaten Ecommerce and to make it a more secure market.
Keeping up with the continuous evolution of the tools used to commit fraud is in fact the real challenge of those who deal with online illicit actions, such as Account Takeover, Malware, Phishing and malicious Apps, just to name a few, that put a strain on merchants' anti-fraud measures.
In this context, preventing fraud attempts is a more effective strategy than trying to find a remedy for fraud's consequences after: this is why fraud prevention has gained importance and increasing popularity in the online and digital payments ecosystem. The European Union has developed important anti-fraud preventive measures precisely in this regard, introducing the new regulation on payments PSD2 (Payments Service Directive 2), which we discussed in the insight on the topic
: the regulation, which came into force in January of 2021. This regulation provides a more rigid authentication process during the payment phase, called Strong Customer Authentication (SCA), whose application takes place through the 3D Secure security protocols 2.0 or later versions. PSD2 is a crucial tool in the fight against cybercrime on a dual front, because it fosters competition in payments across Europe and, at the same time, protects consumers who buy online more efficiently, increasing their trust in the whole ecosystem.
Fabrick also provides resources and experience in the sector to support the customers, with an offer that guarantees the safety of users: Fabrick Payment Orchestra has the PCI DSS 3.2 certification, a standard for the secure access management of customers’ payment data, and includes various fraud prevention solutions based on artificial intelligence and machine learning, which can be fully integrated into the payment gateway.
If you want to learn more, you can download the Whitepaper Cyber-crime and online fraud: a challenge for the entire Ecommerce ecosystem.
In the pages of the sections below it is possible to learn more about integration of the following services that can be associated with Fabrick Payment Orchestra:
This is Fabrick's fraud prevention platform. The service offers the highest standards of security for merchants and their customers. Moreover, the platform reimburses the merchant for any unidentified fraud.
The value added service, which can be requested by all customers who have integrated Fabrick Guaranteed payments, carries out the TRA (Transaction Risk Analysis)
of payments, and thanks to its high efficiency, it increases the authorization rate.It offers the possibility to carry out the Transaction risk Analysis directly or through services offered by third parties. Like in the case of Fabrick Advice, the aim is to leverage the exemptions provided by the PSD2 regulation.
RBA (Risk Based Authentication) is a solution offered by Banca Sella that analyzes the risk of fraud of transactions in real-time, and if the the risk is low, the exemption for TRA (Transaction Risk Analysis) is activated.
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