Detecting fraud at the device level, as opposed to simply looking at IP addresses, is one of the best ways to stop scammers. It’s an effective way to thwart payment fraud, account opening scams, fake devices and other types of fraudulent activity.
When choosing a device identification solution, look for accuracy and precision. It should be able to reliably identify devices based on key data points like operating system, screen resolution and plugins installed. It should also be able to distinguish between different hardware environments, including rooted or emulator devices. It’s also important to consider solutions that can accurately track device profiles over time, even when the OS or screen settings are updated.
Device Fraud Detection: Preventing Identity Theft and Attacks
Fraudsters use fake devices to impersonate real people and commit fraudulent transactions. By examining the unique hardware environment of a device, device intelligence identifies these devices and alerts businesses to suspicious activities. Identifying fake devices helps prevent various fraud attack modes, including synthetic IDs, reversal of chargebacks, identity theft and other kinds of account takeover fraud. It also uncovers fraud tools like botnets, emulators and rooted devices to help combat ACH and Zelle fraud, credit card fraud, payment fraud and other types of fraudulent activity.
Incorporating device fraud detection into your fraud prevention strategy reduces downstream costs and improves customer experience. By leveraging powerful algorithms that sift through huge datasets, you can spot even slight anomalies, preventing fraud from slipping through the cracks. Device detection, paired with risk scoring, can help you reduce false positives and optimize resource allocation for the most significant fraud threats.…