Product Overview of Fraud.net
Fraud.net is a comprehensive, cloud-based fraud prevention and risk management platform designed to protect financial services, payments, and e-commerce companies from various types of fraud and financial crimes. Here’s a detailed look at what the product does and its key features:
What Fraud.net Does
Fraud.net is an end-to-end solution that detects and prevents fraud, money laundering, and other financial crimes. It automates customer screening and onboarding processes, streamlining Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance workflows. The platform is engineered to provide a holistic approach to fraud prevention, integrating advanced technologies such as AI, machine learning, and behavioral biometrics to ensure the security and compliance of businesses worldwide.
Key Features
Entity Screening and Monitoring
Fraud.net offers comprehensive screening of businesses and individuals at the onboarding stage, as well as continuous monitoring to detect any changes or anomalies in behavior over time. This ensures that risk is assessed and managed throughout the customer lifecycle.
Transaction Monitoring
The platform performs real-time analysis of transactions to identify and prevent fraudulent activities. This includes analyzing every conceivable identity and transaction element to ensure high decision accuracy rates and true positive rates.
Scalability
Fraud.net’s cloud-based architecture allows the platform to scale with the growth of your business, handling increased customer and partner volumes efficiently. This scalability is powered by AI and machine learning, ensuring the platform remains effective as your business expands.
Risk Consortium and AI Models
Fraud.net leverages a proprietary risk consortium and builds custom-tailored AI models to help companies make safer, smarter, and more profitable decisions. This approach combines contextual data, behavioral data, and device data to identify more fraud with fewer false positives.
Application AI and Transaction AI
The platform includes modules such as Application AI and Transaction AI, which draw on large pools of data to provide risk scores for each customer journey. Additionally, Identity Services offer IP verification, social media intelligence, and other tools to enhance risk assessment.
Integration and App Store
Fraud.net integrates seamlessly with other risk management tools and solutions via its own app store. This includes integrations with leading vendors like Signifyd and InAuth, as well as layered customer verification tools such as ID verification, step-up authentication, and multi-factor authentication (MFA).
Compliance and Security
The platform helps financial institutions maintain compliance with regulatory guidelines, including those set by the Federal Financial Institutions Examination Council (FFIEC). It includes features such as multifactor authentication for high-risk transactions, fraud detection and monitoring systems, and techniques like positive pay and debit blocks to limit transactional use of accounts.
Unique Capabilities
- FRAML (Fraud, Risk, AML) Solution: Fraud.net’s unique combination of entity screening, entity monitoring, and transaction monitoring provides a full lifecycle view of business and customer relationships, enabling more informed risk decisions.
- High-Performance ROI: The platform delivers an average 400% ROI and is recognized as a top online fraud detection vendor by industry analysts such as Gartner and Datos-Insights.
- Quick Onboarding: Fraud.net promises onboarding in less than 30 days, making it a rapid and efficient solution for businesses looking to enhance their fraud prevention capabilities quickly.
Benefits
- Reduced Fraud Losses: Fraud.net has consistently demonstrated reduced long-term attack rates and improved fraud capture rates, helping businesses protect their bottom line.
- Enhanced Customer Experience: The platform provides a frictionless solution that minimizes the impact on digital experiences, speeding good customers along while detecting and preventing fraudulent activities.
- Operational Efficiency: Fraud.net improves operational efficiency by automating compliance workflows and reducing waste, making it a valuable asset for businesses aiming to streamline their operations.
In summary, Fraud.net is a robust and versatile fraud prevention platform that offers a holistic solution to combat fraud and financial crime, ensuring the security, compliance, and operational efficiency of businesses in the financial services, payments, and e-commerce sectors.