What is Payment Fraud?

Online payment fraud is a form of identity theft that involves an unauthorized taking of another’s payment information for the purpose of charging purchases or removing funds from it. In 2013, payment fraud was costing online merchants more than 11 billion dollars.
Merchants will be penalized with numerous costs such as chargeback fees, investigation fees, removal of funds and costs of lost goods. Merchants could also have their online credit card facilities terminated due to escalating risks.
An introduction to FraudLabs Pro, a fraud detection API that analyzes order transactions and reports analysis in real time. FraudLabs Pro applies blacklists, rules and machine-learning algorithms in fraud detection. It applies screening based on pattern of transactions, IP address, physical address, email address, credit cards and device fingerprints to determine risk score. Merchants can automate the decision process by enable one of the 48 rules to trigger an alert by email or phone. For merchants using mobile devices, you can even be notified and review all orders using the FraudLabs Pro mobile app no matter where you are. For all orders, merchants use the FraudLabs Pro analysis report to make informed decisions.
FraudLabs Pro is an open API. It works for any shopping carts that allows an external API call. We also provide readymade add-ons for more than 15 shopping carts.
It is free if you need to screen less than 500 orders per month. Premium plans start from $29.95 per month if you need more transactions, more features and premium support. You can sign up for the free Micro plan from our web site (www.fraudlabspro.com) and start using our API now.
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