JuicyScore, a global leader in anti-fraud and risk management solutions, today unveiled tips for online businesses to protect themselves from digital frauds this holiday season.
With the onset of the festivities and holidays, a spike in E-commerce shopping, digital transactions, and adoption of unsecured financial credit products (such as Buy Now Pay Later or BNPL) is expected but with a rampant increase in fraudulent activities that have the potential to adversely affect an online business. Thus, JuicyScore advises online businesses of any size to take the following measures to combat online fraud:
Seasonally scheduled scammers do not have sophisticated technical skills and many companies manage to stop them at the stage of standard initial online verification of the application. Companies should apply a more conservative approach connected with new applications, evaluation policies, and rules, which turn out to be really useful and will save your business from possible financial losses during this period.
Online companies should pay attention to the applications with high-risk markers – attempts of device or internet connection manipulation, as well as user’s behavior. Such measures will allow filtering out of applications coming from devices with emulators, randomizers and will be able to determine the network infrastructure of professional fraudsters. In the case of digital lending, it will help to reduce the share of excessively active borrowers who usually keep trying to apply for a large number of loans often manipulating application data (for example identity theft i.e. using application information of genuine people sometimes even known to them).
Online companies should approach the valuation of frequency characteristics in a more conservative way. Different frequency characteristics is also a very important parameter for risk assessment in the holiday season, for example, the number of risky applications from the same device or IP address, for a limited period of time or simply for the entire observation period. Usually, the risk increases along with the frequency, since this may indicate both – the risk of credit shopping or the risk of fraud, especially if such activity is supplemented by manipulation with other data.
Many companies may fear the risk of profit decline filtering “good” customers along with online scammers. However, in this case, a more precise adjustment of the financial product for the end-user will be of great use. By giving special offers and taking into account the needs of regular customers, the company can mitigate the situation and reduce losses caused by online fraud.
“As we head into the holiday season and new year, we are expecting Indians to generously expand their spending potential, which essentially becomes the most opportune time for online businesses to reach the consumers. Thus, it is imperative for these businesses, more than ever, to safeguard their processes from online frauds,” said Manish Thakwani, Head of Business Development (India) at JuicyScore. “Being the global leaders in anti-fraud and risk assessment, we are committed to supporting online Indian businesses with modern technologies that can identify anomalies in online customer behavior, to help them stay a step ahead from fraudsters.”
Founded in 2016 JuicyScore is a forward-looking company that creates antifraud solutions for online business. Our mission is about making the process of obtaining financial services safer by reducing the turnover of direct user identifiers and sensitive data: our main feature is that we do not utilize personal or sensitive data and direct consumer identifiers. JuicyScore provides customized score and analytics, consult on score modeling and decision-making system. We work in 21 countries all over the world, have 80+ clients. Our data significantly improves score models: on average our clients get 10+ ROI. Our API is unified for both web and mobile channels. JuicyScore is compliant with GDPR, current and prospective regulating rules, browsers’ and operational systems’ security policy.
Visit our website juicyscore.com/enfor more information.