While Covid-19 has pushed ever-larger numbers of consumers to shop online, with e-commerce penetration reaching a record high of 21.3% during 2020, online scams have followed suit.
As a result, PayPal is launching its newly improved Fraud Protection Advanced service, which features a collection of preventative tools including device fingerprinting and utilises machine learning along with analytics to clamp down on criminal behavior.
Using the suite of new tools businesses will be able to identify threats, investigate them and also resolve and mitigate any fraudulent transactions appearing in their digital sales systems. The dynamic technology will produce real-time data modeling allowing businesses to get an early warning when the system spots a change in fraud patterns. On a purely practical front the tools should help to reduce chargebacks, problematical transactions and false declines.
PayPal has also built in the ability for businesses to tweak and fine-tune settings, allowing for customization of filters and fields within the system. The options will enable merchants to minimize their chances of falling foul of fraudsters, as well as letting them spot non-legitimate transactions more easily. PayPal sees the system as providing a better way for merchants to boost their authorization and conversion rates.
“Fraud Protection Advanced builds on our existing Fraud Protection solution and is part of our larger suite of offerings for merchants in the PayPal Commerce Platform that help them to manage risk and payments,” explained PayPal’s blog post. “As we build on these solutions, we will continue our commitment to democratizing access to critical tools and resources for all merchants that help better protect their businesses.”