PayPal have launched a new fraud protection solution, Fraud Protection Advanced which will help merchants identify, investigate, resolve and mitigate fraud in our increasingly complex digital landscape.
“This past year saw an exponential growth and reliance on digital commerce as consumer behavior around the world adapted to a new normal. In the U.S. alone, ecommerce penetration hit an all-time high of 21.3% in 2020, a more than 5% gain from online retail sales the previous year, according to DigitalCommerce3601. But while this rise in ecommerce and digital payments has opened up new revenue potential for merchants, it has also led to an increase in online scams, sophisticated attempts at fraud by malicious actors and resulting new operating risks for merchants.”
– Rahul Pangam, Vice President Risk Strategy, PayPal
New research comissioned by PayPay found that organizations are losing an average of $4.5 million per year due to online fraudulent transactions. Despite these losses, only half (51%) say their organizations are prioritizing protecting online financial transactions. It was also discovered that COVID-19 is making it harder for merchants to protect themselves from fraud.
Fraud Protection Advanced
PayPal’s new fraud protection solution provides merchants with powerful features and the ability to customize the offering to meet their unique needs.
- Custom filters: In addition to a set of custom filters created for merchants at on-boarding, merchants are able to create new filters leveraging more than 200 pre-calculated features, risk scores, block and allow lists and custom fields. These filters can be tested on a merchant’s historical transaction data to help understand the impact of the filters before they are activated.
- Graph-based Case Management: The graph view visually depicts how transactions are linked through shared attributes, enabling merchants to better analyze and understand the transaction under review in conjunction with other connected transactions and their shared attributes.
