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Stop Fraud with Device Fingerprinting: Minimize Your Business Risks

Stop Fraud with Device Fingerprinting: Minimize Your Business Risks

Business owners are constantly on the lookout for ways to prevent fraud. This is a serious issue that can completely ruin your chances of making a profit and succeeding in your endeavors. With online payments, the risk of dealing with scammers is constantly present, so it’s important to use modern solutions to minimize the risk. Using device fingerprinting technology is one of the ways you can prevent fraudulent activity on your site.

Verifying a Person Is Difficult Online

You might think that you have a new customer on your site but they can turn out to be a professional fraudster. Hackers always develop new approaches to identity theft, which is why you need more sophisticated solutions on your site. Without them, you are likely to have to deal with fraudsters on a regular basis.

Device fingerprinting is designed for the purpose of determining whether a certain computer or phone can be trusted when they try to make a purchase on your site. The system works in real-time and assesses the risk associated with the device based on a wide range of indicators. The device fingerprinting technology collects and analyzes information related to a certain device – from its screen resolution to language setting.

For instance, with the development of VPN and other similar tools, it has become easy to hide one’s IP address. It means that various IP address blacklists and geolocation tools simply don’t work effectively enough. Device fingerprinting overcomes this problem by offering more ways to identify a fraudster.

There are several ways how device fingerprinting could be extremely helpful when installed on the site:

  • It analyzes device reputation

When a person uses a device that has already been connected to fraud, the system will be able to recognize it so that you can blacklist a person and stop them from using the site in the future.

  • It detects account linking

Another way device fingerprinting might be useful is when it detects when certain subscriptions or accounts are accessed illegally.

  • It notices transaction linking

The system can also analyze transaction linking. It compares new transactions with the previous ones to see if there are any similarities. For instance, a related transaction might be performed from the same location as the previous one that has been recognized as a fraud.

  • It can be used to establish velocity filters

The moment a scammer finds a way to access your site, they may try to order as much as possible or disrupt your site otherwise. For example, they can try to change their IP address, credit card information, and names. You can set velocity filters with the help of device fingerprinting technology to minimize your losses.

  • It pays attention to suspicious activities

The most important aspect of device fingerprinting is that it works to determine any anomalies and suspicious behavior. It could be that a user might be hiding their location with the help of a proxy. While this is not necessarily an indication of fraud, it is still something to be aware of.

Use Different Tools for the Benefit of Your Business

Having a business is complicated enough, but dealing with fraud makes it a lot more challenging. Fortunately, there appear to be all the different ways you can cut down on the number of fraudsters you encounter. Device fingerprinting is an advanced technology that is likely to prevent many problems for your business. It is easy to get, and it analyzes information automatically, so you can have an added layer of protection in your online store.

Which are your thoughts on this technology? Do you think it’s an effective way to prevent fraud? Please, feel free to share your thoughts on this topic in the comments.

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