Fraud Detection

FRAUD DETECTION & RISK MITIGATION "Online retailers in the US will lose nearly USD 500 million during the holiday shopping season due to fraud and suspect transactions" - Gartner Group (Dec 2002)

Indeed, business loss from online fraud can be daunting. While it does not prevent online business, Merchants have realised the importance of taking necessary measures to minimise losses occuring due to online fraud. Currently, around 20 percent of online orders still require human intervention to screen for fraud. Judging from these figures it is important that the right tools are available to you as a Merchant, to allow you to detect fraudulent transactions and reduce your Risk.

Transegate is the ONLY Payment Gatewayto offer a complete suite of Fraud Detection and Risk Management modules. This allows you as a Merchant to remain constantly warned of risky transactions, and take informed decisions about your online orders. With other Payment Gateways you as a Merchant must take proactive steps and investigate each transaction manually. We have a heuristic pattern matching algorithm which allows us to allot a risk score to each transaction based on past historical transactions we have captured. This reduces the effort required at your end to identify the risk value of each transaction. It also assists you in determining which transactions you need to pay closer attention to.

Risk Mitigation and Fraud Prevention Alerts
Transegate has a vast database of Credit Card Transactions. It accumulates a data warehouse of various variables of all historical transactions. Data such as Credit Card, Customers, Country data, IP Addresses, Time of the day, Location, Product Type etc. Our Heuristic Fraud Detection engine works on this dataset and internally assigns a risk score to Every Transaction. If any transaction is perceived as a High-Risk Transaction an immediate email is fired to the Merchant as an Alert. Merchants are supplied with detailed documentation on what they should check incase they receive a Fraud Alert. This has successfully reduced fraudulent transaction chargebacks on our Merchant websites by over 80%.

Risk Mitigation and Fraud Prevention Reports Apart from the Risk Alerts above, Shimotomo also provides daily comprehensive Risk Reports. The Risk Alerts are meant to immediately alert a Merchant against a possibly fraudulent transaction. The Risk Reports on the other hand are based on the actual Risk score assigned by the system. The Risk Report is divided and sorted by the varying degrees of risk of each transaction. It contains a list of transactions done in the past 24 hours divided into High, Medium and Low risk transactions. The Shimotomo Risk Mitigation and Fraud Prevention Reports are one of a kind in the entire industry. We have been continuously developing path-breaking technologies with respect to Risk Mitigation and Fraud Prevention. Credit card transactions online have an inherent risk for Merchants. We have taken significant precautions to ensure that these risks are minimised, and Merchants are well aware, on a daily basis, of any possibilities of fraudulent transactions.