Best API to Integrate for Fraud Detection
Fraud is a real and growing problem for online businesses. From opening many accounts to claim promotion codes to paying for goods with stolen credit cards and then asking for a chargeback, fraudsters can cause significant damage to companies. Best API to integrate for fraud detection crimes can be costly to deal with in terms of lost revenue, customer frustration and even compliance fines. So it is important to invest in a solution that can help mitigate these risks. One way of doing this is through fraud detection APIs which can take some of the burden of transaction security off of the shoulders of ecommerce sites.
How to detect fraud using data?
Here are some of the best API to integrate for fraud detection:
Anomaly detection API
Designed to identify anomalies in patterns of behavior, such as the use of multiple devices, phishing attempts or IP addresses, these APIs can help prevent cyberfraud by flagging these activities early. These tools are generally easy to integrate into a website and can work in real-time. They also save costs for companies by not having to hire teams of specialists to manually keep an eye out for these activities.
Melissa Global Intelligence Personator API
This is a unique API that can verify contact data points, including name, email address and phone number to confirm their validity. This is done by using USPS CASS and Canada Post SERP Certified logic to verify organisation address formats to reduce typing mistakes, as well as leveraging social media data to identify people and confirm their authenticity.