First Data has launched Fraud Detect, a solution designed to leverage AI and machine learning, fraud scoring, cybersecurity intelligence and information from the “Dark Web,” to enable merchants to detect fraudulent transactions in-store, at the pump, online, mobile and in-app — before they occur.
Fraud Detect evaluates every transaction using a prevention engine and an extensive payments history database to provide an Accept, Review or Decline recommendation.
Using AI, Fraud Detect analyzes transactions to identify fraud and potential chargebacks. In parallel, Fraud Detect incorporates data from the Dark Web, a collection of web sites that exist on an encrypted network, to enhance the solution with information that would otherwise only be viewed by cybersecurity experts.
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Fraud Detect includes:
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Machine learning for clients to respond quickly to evolving threats;
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Confirm customer identity, reject sale if necessary and/or enable settings, to automatically reject high-risk scores;
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Ability to customize settings to tailor to business needs;
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A reporting and analytics dashboard with near real-time analysis;
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Consultative client support to assist with implementation and training; and
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Managed services offerings including fraud analysts and fraud program management.
