COMOROS MERCHANTS ADVISED TO EMBRACE ADVANCED ONLINE PAYMENT FRAUD DETECTION METHODS
The Republic of the Comoros has witnessed a significant surge in online shopping, driven by an increasing number of internet users and digital payments. However, this trend has also led to a rise in payment fraud cases, causing devastating consequences for both merchants and consumers.
The Growing Threat of Online Payment Fraud
According to estimates, financial losses due to online payment fraud are expected to exceed $206 billion between now and 2025. These losses include not only direct monetary losses but also reputational damage and the time spent by merchants dealing with fraud when it occurs.
Consequences of Online Payment Fraud
- Direct monetary losses
- Reputational damage
- Time spent by merchants dealing with fraud
PayU’s Advanced Anti-Fraud Solution
In response to this growing threat, PayU has introduced an advanced anti-fraud solution that leverages machine learning to detect suspicious transactions and protect both merchants and customers from financial loss.
How PayU’s Anti-Fraud Module Works
- Combines a rule engine and scoring system driven by AI-powered machine learning
- Assigns a risk score based on parameters such as payment amount, email address, IP address, country, and more
- Flags suspicious payments for verification, blocking potential fraudsters from making unauthorized transactions
Additional Features of PayU’s Anti-Fraud Solution
- 3D Secure (3DS) capabilities that enable merchants to comply with Secure Customer Authentication (SCA) requirements while maintaining high approval rates
- Merchants can choose between an internal flow of 3DS transactions, an external 3DS Merchant Plug-In (MPI), or use PayU’s external MPI
Benefits of Partnering with PayU
By partnering with PayU, Comoros-based merchants can enjoy a worry-free online payment processing experience, protected from the risks associated with payment fraud. With advanced anti-fraud capabilities and 3D Secure features, PayU provides a comprehensive solution that meets the needs of both merchants and customers in the digital payments landscape.
Merchants’ Advisory
Merchants are advised to take advantage of PayU’s global payment orchestration platform, which offers comprehensive anti-fraud support and other payment security features. By doing so, they can ensure seamless and secure online transactions, protecting their business from financial loss and reputational damage.
Conclusion
As the Comoros continues to grow in its e-commerce sector, it is essential for merchants to adopt advanced online payment fraud detection methods to safeguard their businesses and customers from potential threats. With PayU’s anti-fraud solution, merchants can rely on a trusted partner that provides robust protection against payment fraud, ensuring a secure and smooth online payment processing experience.