PayPal launched a new solution for larger merchants called Fraud Protection Advanced and cited research showing organizations are losing an average of $4.5M a year due to fraudulent transactions.
PayPal said Fraud Protection Advanced is built on insights from its deep industry partnerships and more than 20 years of data harnessed from its two-sided network of both merchants and consumers across 15 billion transactions annually.
The company said it uses insights gained from its sophisticated machine learning and analytics capabilities and offers them to merchants to help them identify, investigate, resolve and mitigate fraud.
In the following excerpt from the company announcement, PayPal explains two features of the new tool: custom filters and visual depictions to aid in analysis.
“Since there is no one size fits all when it comes to fraud prevention, this new 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.”
In conjunction with the release of the new tool, PayPal published a report called “The Real Cost of Online Fraud” conducted on its behalf by the Ponemon Institute based on a survey of 632 individuals who were familiar with their organizations’ efforts to prevent fraud and were involved in fraud investigation and mitigation and/or cybersecurity activities.