Fraudulent credit card transactions simply can’t be ignored by businesses, especially when it involves lots of hard earned money and reputation at stake. Business owners must take the necessary precautionary steps to ensure their customers’ safety and avoid the potential complications of fraudulent activities.
That said, the best fraud detection platforms can be a great help in managing payments and detecting fraudulent activities in a timely manner. These solutions leverage AI and analytics to help you spot fake transactions among the genuine ones.
The most popular amongst these is Kount, which safeguards the entire customer journey and leverages AI to produce an Omniscore- a transaction safety rating useful in tandem with its flexible policy engine. Although the monthly minimum is quite high at $1000, the chargeback guarantee makes it highly reliable.
Another platform worthy of mention is Clearsale, which harnesses both the power of AI and a team of expert fraud analysts. It also offers two pricing plans- the KPI plan or the guarantee plan- that offer varying levels of discounts based on customizable settings.
Stripe Radar and Riskified are also two highly reliable credit card fraud detection platforms. Stripe Radar’s machine learning algorithms can spot recurring threats in real-time and protect against chargebacks, while Riskified leverages AI to give an approve/decline answer to user queries.
Lastly, one can’t forget about Sift, which tackles the chargeback requests enabled by friendly fraud quite efficiently.
Thus, to protect your business in a world filled with credit card fraud, be sure to take the necessary steps to safeguard your business and opt for one of the above solutions.
Talking about the company mentioned in this article, Kount is a software company that specializes in helping customers detect and prevent fraud in payment transactions. It helps mitigate the risks associated with credit card fraud, account takeovers and account creations all the while keeping customer’s data protected, to ensure a safe and smooth digital experience all over the world.
The person mentioned in this article is Ben Revant, the CEO of Kount. With 20 years of experience leading enterprise software companies and 15 years of experience with identity and fraud solutions, Ben has been at the forefront of driving cutting-edge customer service experiences for e-commerce companies. As the leader and visionary of Kount, Ben has been actively working towards assisting companies in unlocking their growth potential with the help of AI-Powered fraud prevention solutions.
