IPQualityScore homepage helps businesses confirm users’ identities, protect data from hacking and phishing attempts, and prevent payments and other activities that could cause financial loss. As ecommerce and mobile transactions increase, fraudsters are becoming more creative, making it difficult to identify fraudulent activity in real-time. Fortunately, advanced algorithms can help prevent fraud by analyzing the context and relationships of each transaction for suspicious patterns. These tools can also help reduce false positives, which can be expensive for merchants who must contact customers about suspected incidents of fraud or identity theft and deter some potential customers from using their service.

To evaluate fraud detection software, look for the following features:

Transparent pricing: Choose a tool that offers a flexible pricing structure, such as a monthly subscription, prepaid bundles or pay-as-you-go (API calls). A low-priced solution may be ideal for startups or small businesses but not be robust enough to address more complex and sophisticated fraud challenges.

Customizable risk rules: Look for a tool that lets you adjust the set of fraud prevention controls to match your business’s unique services and customer base. This flexibility also allows the system to adapt to changing fraud patterns over time.

Detailed reporting capabilities: It is important to have visibility into the types of fraud alerts that are generated so that relevant security and compliance teams can investigate. A good report should detail the type of alert, the reason for it and a summary of any actions taken to resolve the issue.