FraudLabs Pro screens all transactions on your business’s website for possible fraud in real time, resulting in less chargebacks and business lost to fraud.
It works by running an algorithm through your businesses transactions and then looks for possible fraud based off your own rules for validation as well as it’s blacklist data and machine learning data that looks for known fraudsters IP address, email address, credit card, etc.
For example, if FraudLabs picks up a fraudster, that person is blacklisted and the program forever knows the fraudsters details and if it see's those details again it will block the transaction as it is most likely fraud. All transactions run through FraudLabs and are given a risk score 100 being the highest risk and 0 being the lowest risk and then place in three categories:
- Approve; those transactions with a low risk of being fraud,
- Review; transactions which need to be looked over by the business to determine whether they are fraud and;
- Reject; transactions with a high-risk score and are most likely fraudulent.
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