JuicyScore, a global leader in anti-fraud and risk management solutions, today unveiled tips for online businesses to protect themselves from digital fraud this holiday season. With the start of the festivities and the holidays, an increase in online shopping, digital transactions and the adoption of unsecured financial credit products (such as Buy Now Pay Later or BNPL) is expected, but with a frantic increase in fraudulent activities that have the potential to negatively affect an online business. Thus, JuicyScore advises online businesses of all sizes to take the following steps to combat online fraud: • Seasonal scammers lack sophisticated technical skills and many companies manage to stop them at the initial verification stage. standard online application. Businesses should take a more conservative approach to new applications, pricing policies, and rules, which are very helpful and will prevent your business from potentially losing money during this time.
• Online businesses should pay attention to applications with high risk markers – attempts to tamper with the device or Internet connection, as well as user behavior. Such metrics will filter out applications from devices with emulators, randomizers, and will be able to determine the network infrastructure of professional fraudsters. In the case of digital loans, this will help reduce the share of overly active borrowers who typically keep trying to apply for a large number of loans by often manipulating application data (e.g. identity theft, i.e. i.e. using the request information of genuine people, sometimes even known to them).
• Online businesses should approach the evaluation of frequency characteristics in a more careful manner. Different frequency characteristics are also a very important parameter for the risk assessment during the holiday season, for example, the number of applications at risk from the same device or IP address, for a limited period of time or simply for the entire observation period. Usually the risk increases with the frequency, as this can indicate both – the risk of credit shopping or the risk of fraud, especially if this activity is supplemented by the manipulation of other data.
• Many businesses may fear the risk of falling profits by filtering out “good” customers as well as scammers online. However, in this case, a more precise adjustment of the financial product for the end user will be of great help. By offering special offers and considering the needs of repeat customers, the business can alleviate the situation and reduce losses caused by online fraud.
“As we head into the holiday season and the New Year, we expect Indians to generously increase their spending potential, which is essentially becoming the best time for online businesses to reach consumers. . It is therefore imperative for these companies, more than ever, to protect their processes against online fraud, “said Manish Thakwani, Business Development Manager (India) at JuicyScore.” As a global leader in the fight against fraud. fraud and risk assessment, we are dedicated to supporting Indian online businesses with modern technologies capable of identifying anomalies in online customer behavior, in order to help them stay ahead of the curve. fraudsters. ”About JuicyScore Founded in 2016, JuicyScore is a forward-looking company that creates anti-fraud solutions for online commerce. sion is to secure the process of obtaining financial services by reducing the rotation of direct user identifiers and sensitive data: our main feature is that we do not use personal or sensitive data and direct identifiers of consumers. JuicyScore provides personalized scores and analysis, score modeling advice and decision making system. We work in 21 countries around the world, have more than 80 clients. Our data dramatically improves scoring models: on average, our clients get a 10+ ROI. Our API is unified for web and mobile channels. JuicyScore complies with the GDPR, current and future regulatory rules, the security policy for browsers and operating systems. Visit our website juicyscore.com/en for more information.
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