Fraud API like opening many accounts to claim promotion codes, charging unauthorized credit card payments or attempting to use stolen information to hack into business systems can be extremely expensive for businesses. They not only incur losses from lost customers but may also have to pay refunds, chargebacks and even compliance fines. So, a proper solution for fraud prevention is essential to safeguard business revenues.

Using APIs to detect and stop fraud can save your company time and money because the software works around the clock to protect your site from a wide range of malicious activities like credential stuffing, payment fraud, fake IDs and more. Moreover, these tools can be easily integrated into your website and are designed to work with a wide variety of data points and customer journeys so that they can adapt to your unique needs and business goals.

Fraud Detection Unveiled: How a Robust Fraud API Enhances Cybersecurity

A good fraud detection API uses multiple channels to collect user information, including device and location data, to check the authenticity of the transaction and provide a risk score. It then makes a decision to approve or decline the transaction. In addition, these APIs can also support other security measures, such as preventing login attempts from fake or compromised devices and detecting if a domain is a known phishing or scam URL.

These APIs are easy to integrate into your site, and they can be used by any developer who has some basic programming experience. They can be used to check a wide variety of different data, including device and IP data, payment information (card BIN, shipping address, etc.) and user behavior data (login attempts, password resets, etc).