Product Overview of Fraud.net
Fraud.net is a comprehensive, cloud-based fraud prevention and risk management platform designed to protect enterprises, particularly in the financial services, payments, and e-commerce sectors, from various types of fraud and financial crimes.
What Fraud.net Does
Fraud.net is an end-to-end solution that enables businesses to detect, prevent, and manage fraud, money laundering, and other financial crimes. It automates customer screening and onboarding processes, streamlining Anti-Money Laundering (AML), Know Your Customer (KYC), and other compliance workflows. The platform leverages advanced analytics, machine learning, and artificial intelligence to identify and prevent fraudulent activities in real-time.
Key Features and Functionality
Real-time Fraud Detection
Fraud.net provides real-time monitoring and detection of suspicious activities and transactions, using advanced analytics, machine learning, and AI to identify patterns and anomalies indicative of fraud.
Multi-Channel Fraud Prevention
The platform protects transactions and activities across multiple channels, including online transactions, mobile apps, call centers, and in-store purchases, ensuring a holistic approach to fraud prevention.
Customizable Rules and Policies
Businesses can configure custom rules and policies to balance fraud prevention with a seamless customer experience. This flexibility allows for the creation of industry-specific and tailored risk models.
Identity Verification
Fraud.net offers identity verification solutions, including document verification and biometric authentication, to ensure that customers are who they claim to be. This includes IP verification, social media intelligence, and multi-factor authentication (MFA).
Entity Screening and Monitoring
The platform performs comprehensive screening of businesses and individuals at onboarding and continuously monitors entities to detect any changes or anomalies in behavior over time.
Transaction Monitoring
Fraud.net conducts real-time analysis of transactions to identify and prevent fraudulent activities. This includes the use of behavioral rules, negative files, IP Geo, and statistical models to generate a fraud score for each transaction.
Case Management
The platform provides efficient case management tools for investigating and resolving suspected fraud cases. This includes a configurable GUI and advanced link analysis capabilities to uncover complex fraud patterns.
Scalability and Integration
Fraud.net is built on a cloud-based, AI and machine learning-powered architecture that scales with the business. It integrates seamlessly with other risk management tools and vendors, and offers a range of partner apps via its own app store.
Compliance and Security
The platform helps financial institutions maintain compliance with regulatory guidelines such as those set by the Federal Financial Institutions Examination Council (FFIEC). It includes features like multifactor authentication for high-risk transactions and the use of positive pay, debit blocks, and other techniques to limit transactional use of accounts.
Unique Capabilities
Fraud.net stands out with its unique combination of Entity Screening, Entity Monitoring, and Transaction Monitoring (FRAML), which provides a full lifecycle view of business and customer relationships. This cooperative AI-driven approach has been recognized by industry analysts such as Gartner and Datos-Insights, and has delivered significant ROI for its clients, averaging a 400% return on investment.