The new solution allows ECOMMPAY to analyse multiple fraudulent activities in order to determine patterns and blocks. This enables the RCMS to identify patterns of fraudulent behaviour even when criminal entities are inactive.
ECOMMPAY’s decision to implement graph analysis designated to fight fraud follows a spate of attacks in the UK. According to money.co.uk, around £4bn was lost due to fraud in the UK, up from £2.4bn in 2021.
Overall, fraud losses reached 0.04% of global card payment value in 2022, according to GlobalData’s “Trends in Payment Fraud” report, published on 16 February.
Last year in February, ECOMMPAY teamed up with Nium to allow its customers to make payments to new verticals and key global markets.
Maria Solovjova, head of Fraud & Chargebacks Department at ECOMMPAY, said: “When it comes to fraud, merchants need a system that provides a holistic analysis of behaviour. As UK businesses tackle a competitive market in a tough economic environment, they are now looking to expand overseas to explore growth opportunities in different markets. However, this makes them more susceptible to fraudulent actors. Fortunately, our anti-fraud system, combined with graphic analysis, can help companies expand safely to other markets.
“Innovative graph analysis is a logical addition to our robust RCMS solution. What makes it so effective in tackling fraudulent activity is that it doesn’t just go after an individual action which looks fraudulent, but it finds entire patterns of suspect activity and dismantles full chains of criminal activity. All of this is actioned within the monitoring stage to understand shared patterns of behaviour, what they have in common, and where the discrepancies lie. Our graph analysis enhances ECOMMPAY’s combined human and machine approach that successfully detects and prevents fraudulent activity”, Solovjova continued.