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Online Payment Fraud Detection Methods in Algeria
The growing e-commerce market in Algeria presents opportunities for businesses, but also exposes them to the risk of online payment fraud. In 2020, the average number of successful fraud attacks increased by nearly 50% for mid-to-large size retailers in the United States, and small businesses are also feeling the pain.
The Cost of Online Payment Fraud
Financial losses due to online payment fraud are estimated to exceed $206 billion between now and 2025. These losses are in addition to less quantifiable impacts such as reputational damage and the time that merchants must spend dealing with fraud when it does occur.
PayU’s Anti-Fraud Solution
PayU, a leading global payment solution provider, has developed an integrated anti-fraud module that leverages machine learning to detect and prevent online payment fraud. The module is designed to improve as it collects more payment data, making it more effective at finding legitimate transactions while limiting false declines.
How PayU’s Anti-Fraud Solution Works
PayU’s fraud monitoring and detection service detects fraudulent transactions and notifies merchants when they occur. The solution uses a rule engine and scoring system driven by machine learning to evaluate each transaction based on parameters such as:
- Payment amount
- Email address
- IP address
- Country
- And more
Benefits of PayU’s Anti-Fraud Solution
PayU’s anti-fraud solution provides merchants with worry-free online payment processing, improves with their payment data, protects against chargebacks, and offers flexibility in 3DS configurations. The solution also supports multiple 3DS versions and automatically routes transactions to minimize fraud and maximize approval rates.
Why Merchants Should Use PayU’s Anti-Fraud Solution
PayU’s anti-fraud solution is designed with the needs of merchants and customers in mind, leveraging data to detect suspicious activity without compromising approval rates and successful transactions. With PayU, merchants can rely on advanced fraud detection, payment optimization, and additional security and compliance features embedded into one global payment solution.
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Access comprehensive anti-fraud support and other payment security features through PayU’s global payment orchestration platform. Learn more about how PayU’s payment solution supports efficient and secure global payments.