FraudNet 3.0 Delivers Enhanced Fraud Fighting Features
- 41st Parameter's® Latest Release Allows Companies to Improve Fraud Ring Detection and Increase Investigators' Productivity with
Link Analysis, Dynamic Queues and Bulk Actioning
London, UK - Sept. 17, 2008 - 41st Parameter Inc.,
the leading provider of Internet fraud intervention and detection
services and technology, today announced the availability of FraudNet
3.0. FraudNet 3.0 allows fraud investigators to be more effective
through multiple dynamic fraud investigation tools and hundreds of risk
engine rules in one place, including time sensitive fraud alerts. This,
coupled with 41st Parameters' tagless PCPrint™ Device ID technology,
helps companies quickly and efficiently identify fraud and fraud rings
across multiple channels, reduce fraud losses and chargebacks and
"Millions of dollars in fraud goes
undetected each year because retailers and e-commerce companies do not
have the tools needed to identify patterns and fraudsters effectively,"
said Ori Eisen, founder and Chief Innovation Officer of 41st Parameter.
"With FraudNet 3.0, we give companies unprecedented insight into
fraudulent behaviours, allowing them to catch fraud they may not have
even known about without our system."
FraudNet is a
comprehensive fraud detection and transaction monitoring application
primarily for e-commerce and the travel service industries. Already
protecting hundreds of retail sites and multiple airlines, FraudNet has
proven effective, with impressive results wherever installed. For
- Major Airline - 100 per cent increased fraud detection after implementation
- Top Specialty Retailer - Reduced chargebacks 65 per cent and staff by 30 per cent
- Leading E-Commerce Platform Provider - 50 per cent reduction in fraud with 65 per cent staff reduction
- Large E-Commerce Aggregator - 80 per cent reduction in fraud
3.0 allows investigators to view suspect orders, aide informed
decisions and, through link analysis, quickly recognise multiple
transactions with common data elements - ultimately allowing increased
fraud detection and intervention. FraudNet 3.0 is completely covert;
requiring nothing from the user and does not alter the user experience
or tag the device in any way.New Features of FraudNet 3.0 include:
Queue - Highlights fraudulent transactions due to be executed in the
short-term. For example, fraudulent airline ticket purchases for
flights due to leave in the next two hours will be flagged for
- Automated Analysis - One single dashboard,
displaying all layers of fraud detection and analysis (Device ID, Risk
Scoring, AVS, CVV2, IP Geolocation, system data, language, risk audit
trail, order transaction details and more) for quicker investigative
review and decisioning
- Enhanced Custom Link Analysis Tools,
especially useful for fraud ring detection - DataSpider™ links
seemingly unrelated orders with common data elements to identify fraud.
SketchMatch™ link analysis identifies transactions placed by the same
fraudulent device, without relying on user-entered data
Actioning - Quickly identify and process groups of activities, such as
approve or reject several orders, with just a single click
About 41st Parameter###All trademarks are the property of their respective owners
Parameter is the leader in fraud intervention, providing proven
solutions to help protect brands and customers, reduce fraud losses,
and make the Internet a safer place to conduct business. Through a
combination of risk management and loss prevention experience, leading
technology, coupled with human interaction and best practices, 41st
Parameter produces solutions with an unprecedented level of detection
capability, decreasing the anonymity of the Internet and providing
valuable insight to every online transaction and customer interaction.
41st Parameter makes the process of detecting and preventing fraud
easier and more effective, reducing both expenses and potential losses.
For more information, visit www.the41st.com.
IBA - PR for 41st Parameter
Tel: 01780 721 433
Issuers of news releases, not Targetwire, are solely responsible for the accuracy of the content.