Question: Is there a way to detect and prevent friendly fraud in online transactions?

FUGU is an AI-powered payment fraud prevention tool that provides end-to-end fraud detection and prevention for online transactions. It captures rich data points across the transaction journey to identify sophisticated fraud types, including friendly fraud. FUGU enables merchants to decrease false declines by 42%, recover 61% of chargebacks, and lower labor costs by 74%. It integrates with various e-commerce platforms including Shopify, WooCommerce, and Magento.

Another powerful option is IBM Security Trusteer, a cloud-based platform that uses AI and machine learning to authenticate customers and prevent fraud. It includes real-time fraud detection, identity risk assessment, and mobile device risk assessment, which can help dramatically lower fraud risk and improve customer satisfaction. Trusteer has demonstrated a fraud detection rate of over 90% and an ROI of 156%.

Vesta offers a comprehensive fraud prevention solution with multiple layers of fraud prevention using advanced risk scoring, machine learning, and AI. Its Payment Protect solution is designed to approve more transactions while eliminating fraud, and the Payment Guarantee protects against fraudulent transactions. Vesta is designed to maximize revenue and improve customer satisfaction with real-time risk assessments and a user-friendly console.

Riskified is another AI-based platform that helps e-commerce companies reduce fraud and increase revenue. It uses more than 480 data attributes to make decisions, resulting in a significant reduction of fraud costs and an increase in transaction success. Riskified's features include Chargeback Guarantee and Policy Protect, making it a complete solution for fraud protection and revenue recovery.