The most effective way to reduce online fraud is to collect data on its occurrence so that the necessary measures can take place.
According to a study conducted in 2020, about 4.8 million identity theft complaints were filed. Moreover, this was a 113% rise only from 2019. More data is being asked for online, and the issue with this is that not every site can be trusted.
Fraud prevention is the most crucial in organizations such as financial institutions. Currently, many applications can be used in order to prevent fraud. Many applications have used their Application Programming Interfaces (API) to let developers use their features and integrate them into their own use cases.
Furthermore, to help you find a suitable API, we will show you the top six that can help you prevent significant fraud attacks.
The 6 Best Fraud Prevention APIs
1. SEON Sense
2. CrimeScore API
4. Personator API
6. Social Scanner API
1. SEON Sense
SEON Sense was built in mind for specific cases and gave you maximum control over your risk management. Moreover, you pay as much as you use the platform, so this means there is no ‘fixed’ rate.
With SEON Sense, you get the best features such as:
- Device fingerprinting
- Data enrichment on email addresses and IP addresses
- Ways to check over 40 online and social media networks
The integrations can all occur due to the incredible fraud detection API. Furthermore, a machine learning engine also gives you suggestions based on your historical business data.
A considerable advantage of SEON Sense is the ability that it gives you to completely control risk management and the transparent pricing it has, along with a free trial at the beginning.
Prices with SEON Sense begin at 300 Euros per month and depend on how much you use it.
2. CrimeScore API
CrimeScore API provides you with a score that allows you to determine how much a location’s safety rating is. With this API, all you have to do is provide your location, and it will show you the crime score rating in your particular area.
Overall, the advantage of the Crimescore API is its ease of use, whereas you get code snippets, endpoint descriptions, and other great resources in order to take advantage of your API.
The API is free to use until 500 calls per month, and beyond this, you will need to pay anywhere from $50 to $200 per month, depending on your usage rate.
Sift is a unique and one obest Fraud Prevention APIs platform that provides customers with the necessary safety they need against any online attack. Sift works with real-time machine learning technology to optimize its platform for growth. Transaction fraud and spam protection is Sifts priority, whereas it has a built-in verification system that ensures protection for all personal data that companies store.
Sift assumes risk by providing real-time predictions using your data along with Sift’s data across global networks. The machine learning system identifies behavior patterns across thousands of devices, transactional signs, and more.
Here are Sift’s best features:
- Global network of data
- User-friendly platform
- Device fingerprinting API
- Expert technical team
Sift monthly prices begin at $300 per month and go up to $500 if you choose to go with their pro plan.
4. Personator API
Personator API gives you the ability to verify and update your user’s personal contact information and avoid any potential fraud cases.
The main API features of Personator are the ability to:
- Verify contact details(name, email, address, phone numbers, and more)
- Updating addresses using geolocations
- Updating any missing contact information in the available records and more
Moreover, you can use Personator’s API to include the demographics of contact information you have gathered regarding birth dates, gender, marital status, age, and much more. However, regarding its ease of use as a platform, it may become complicated and exhausting from time to time.
Regarding prices, up to 1,000 requests a month come with no charge from the platform. However, beyond this, you’ll need to pay two cents more for every additional request made.
Riskified is mostly a fraud prevention platform that specializes in the e-commerce industry. Fraud in the e-commerce industry surpassed $20 billion in 2021, so that is an enormous number to take into consideration. Moreover, Riskified specializes in protecting users from fraud during the checkout phase and maximizes overall customer conversions.
Riskified seeks to secure a brand’s reputation and protect all customer accounts that are part of an e-commerce system on a website. Moreover, the platform is built around AI technology and manages more than one billion databases in order to ensure there aren’t any suspicious fraud behaviors. Furthermore, Riskified uses an integrated API on top of its existing operations.
Key features with Riskified include:
- AI bots that manage account information to prevent fraud
- Advanced AI technological system
- Has spot-on accuracy for risk analysis for reclaiming revenue from any transactional fraud
- Uses integrated API with existing operations
Riskified’s paid plan differs from other platforms. Similar to SEON, you pay depending on how much you use the platform. There is no actual monthly price that comes along with it.
6. Social Scanner API
Social scanners allow you to monitor all social media platforms and pay attention to any suspicious fraudulent behaviors that may arise.
All you have to do is specify any username you are looking for and then try to find its presence on any social media platform. Moreover, you can discover suspicious activities and quickly scan any fake/bot accounts that are laundering on social media networks.
According to research, only on Instagram, 1/10 accounts are fake and are either some bot or someone trying to steal your personal information. These fake accounts usually come with fake offers or ask you to click on some link that leads you to a website that steals your information. Moreover, Facebook also has many fake profiles that arise; however, to solve this, the platforms have opened a ‘spam’ folder that automatically sends their messages there.
Furthermore, Social Scanner supports more than 20 social media channels and plans to expand this number. Each profile has a link that is returned in JSON format.
Key features with Social Scanner include:
- Easy to follow up with documentation for integrating the API
- The API supports up to 22 social media platforms
- Quickly detects bot or fake profiles on social media platforms
Pricing with Social Scanner is for free until 1,000 requests per month. After, you will need to pay from $19 to $297 per month, depending on which plan you choose to subscribe to.
Why do we need fraud prevention APIs?
APIs are advanced technological systems that are great to use for fraud prevention. APIs connect two systems together: the fraud detection and prevention software suites and the applications sharing the data. Moreover, this is useful since the API can allow the software to detect any fraudulent activities regarding transactions and more.
Protecting your business from fraudulent activities is essential if you don’t want your precious data or money being stolen. Additionally, you can’t do this manually because it is straight out impossible to do so, so the in-house fraud detection software does the job for you.
In other words, there is a rise in online attacks each year, so having your data protected is more important than ever. Only in the first quarter of 2021, it was reported 93% of frauds all occur online!
Wrapping it up
Well, that’s about all for this article. Hopefully, it has presented you with some new ways in which you can consider lifting a potential customer’s digital experience and helping them feel safe when you gather their personal data. Remember, fraud activities are on the rise year by year, and it is essential you ensure the proper software that will provide real-time data to avoid any suspicious behaviors on your sites or social media channels.
This article only grazes the surface on improving your fraud detection strategy. If there’s a particular area that caught your attention, then we would recommend you spend a great deal of time researching through it. APIs are there to connect apps and fraud prevention software so that you don’t have to worry too much about manually doing it yourself.
Use the resources you have- human, technical, and financial- in order to do what you can to improve your online security against fraudsters. Check the key features of fraud prevention software, what are they good at, their monthly prices, and you should be good to go. In other words, you are on a path to building great trust between you and your customers.