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 improve productivity.

"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 example:

  • 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
FraudNet 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:
  • Dynamic 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 immediate attention
  • 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
  • Bulk Actioning - Quickly identify and process groups of activities, such as approve or reject several orders, with just a single click

About 41st Parameter
41st 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.

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Contact:
Dave Yohe
41st Parameter
+1.480.776.5518
dyohe@the41st.com

Manuela Whittaker
IBA - PR for 41st Parameter
Tel: 01780 721 433
mwhittaker@iba-europe.com

 

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