The number of phishing and fraudulent letters is growing exponentially every year or even every month, as it is becoming increasingly difficult to quickly identify different types of angling and the dangers. Attempts are particularly being made to prepare scams in areas where money is flowing. If you want to secure money transfers and transactions, instinct is not always enough – additionally, you will also need to protect your customers so that they do not unsuspectingly fall victim to some fraud. The solution is a corresponding intelligent security solution that detects the most common scams and types of fraud as well as helps protect online transactions.
Everypay’s risk management and fraud detection platform is designed to detect the most common scams and phishing incidents that are currently the most widely used, and the security solution can also detect new, just-to-be-spread schemes.
EveryPay´s Fraud Defender uses data analysis and pre-configured rules to detect fraud and help detect anomalies and suspicious activity. More than 40 sets of rules cover a large proportion of the typical cases that users may encounter when making online transfers.
The user of our payment solution gets a protection tool, which helps to prevent both customer
damage as well as damage to the seller’s reputation.
Cancellation and refund – in case something went wrong
Two important solutions to help mitigate risks and reduce the risk of fraud are cancellation and refund, depending on the fraudulent transaction status.
Payment cancellation is an important risk mitigation tool, as it prevents any unnecessary costs and inconveniences later on. If the payment has not yet been received by the seller, it can be still be refunded to ensure that the particular transaction does not reach a final settlement.
Refunding is the most convenient way to repay when your payment is made with a payment card. This solution is used if the payment has already been received and settled, but it still needs to be returned to the cardholder. The amount can be refunded partially or in full depending on the situation.
Preventive security gate: delay
In addition to dealing with the consequences, a good security solution also helps to prevent damage proactively. The EveryPay security solution has a good solution for this, which the seller can use to ensure more secure transactions: bank account delay. This is the additional time during which the security of the transaction can be increased.
Adding a delay to the payment gives you the opportunity to ensure the security of the transaction. During the delay, you can, for example, perform an additional background check on the customer, cancel the transaction or suspend the payment if the security software finds any fraudulent activity.
Different security levels – choose according to your risks
Among other things, the user of the security solution can set personalized fraud detection levels,
whether the customer wants to be more careful, which may lead to more rejected transactions, or
with a lower detection level, but with the risk of occasional fraud occurring. At the same time, fewer
transactions get rejected by customers directly. The appropriate level of security can be determined
by each customer according to their own risks and also taking into consideration the size of the
transactions. EveryPay provides real-time automatic monitoring and reports on the success and
rejection of transactions.
3D-Secure – an extra level of security
3D-Secure is a security solution initiated by Visa and Mastercard that adds an additional layer of
security to online credit and debit card transactions. This can reduce risks as well as fraud and
refunds. 3D-Secure works as an additional layer of security with other EveryPay anti-fraud tools.
Banking and payment solutions are transforming rapidly, however various online scams are changing
and spreading even faster. Therefore, it makes perfect sense to protect your online business and
transactions with an additional security platform.