Payment Fraud Detection by Fraud Genius
Payment Fraud Detection by Fraud Genius
This advanced Fraud Detection for Magento uses the Fraud Genius automated online fraud detection service to evaluate and flag potentially fraudulent transactions. An active account with Fraud Genius is required to use this module.
When you purchase this Magento fraud detection extension from the Mico Solutions website you will receive a promo code to be used at Fraud Genius that is valid for 2500 free fraud detection requests which can be used during the first 90 days from purchase. Normal billing at $0.03 per transaction happens after that (whichever is first, 90 days or 2500 transactions).
When installed and enabled, this Magento fraud prevention module will generate a fraud score for every new order placed online in your store. The fraud score is visible to the storeowner when reviewing the order(s) in the backend of Magento. The fraud score represents the level of risk associated with the payment details for an order - the higher the score, the higher the risk.
Features at a glance
- No hacks – No core Magento files are modified
- Clean uninstall – Magento store will not crash if you remove the extension
- Five minute install
- Orders get analyzed for fraud and scored real-time during customer checkout
- Full credit card bin information (Issuing Bank, Issuing Country, Brand, Type such as prepaid/debit/credit) when available
- Ability to set an acceptable fraud score number for all orders (between 0 and 100)
- Assign orders a custom status when fraud score is (low) within acceptable score range
- Assign orders a custom status if fraud score is (high) not within acceptable score range
- Customize the fraud detection tracking request number, the unique ID to trace a specific fraud detection request (useful for Magento multi-store transaction look-up)
- Test account configuration to make sure the account is working
- Test mode for all orders
- (Fraud Genius website) Manage fraud scoring preferences
- (Fraud Genius website) Fine tune source IP velocity settings
- (Fraud Genius website) White-list and black-list source IP addresses
- (Fraud Genius website) Per country scoring rules
- (Fraud Genius website) Customer ID specific white-list rules
- (Fraud Genius website) View transaction history data with search capabilities
- (Fraud Genius website) View high-level reports with range date-range filtering
How does it really work?
In short, order payment details are scanned real-time as customers checkout. Every order gets issued a fraud score based on the results of the scan. The fraud score is viewable directly in the Magento admin (backend) area in two places: the order list view and the individual order view area. The fraud score associated with an order ultimately determines how risky the payment is for that order - higher the score, higher the fraud risk. With this new information the Magento storeowner can determine how to process the order.
The scan process explained
When the customer clicks “Place order” during the final step of the Magento checkout process, the payment details are sent real-time to Fraud Genius’s detection server. The Fraud Genius server evaluates the payment details instantly (in less than 30 milliseconds) and then sends a fraud score back to Magento. This process is transparent to the customer as this all happens during the time it takes for the order confirmation page to load.
The fraud score explained
The folks at Fraud Genius are experts in online payment fraud detection. The fraud score served up by Fraud Genius’s detection server is one that is calculated using their advanced fraud detection techniques. Out-of-the-box and with no custom setup, the Fraud Genius detection rules are designed to be strict and identify all risk associated with customer payment details.
If necessary, custom rules OR custom exceptions to the rules can be created in your account area at Fraud Genius’s website to match individual business needs. These custom rules will play factor in the final score delivered back to the Magento store.
To learn more about tailoring score preferences, visit Fraud Genius’s website.
About Fraud Genius
Fraud Genius Inc. is a U.S. based company that specializes in real-time, payment fraud detection services. Their mantra: “Bringing clarity to payments”
The Fraud Genius technology uses sophisticated fraud detection rules that go above and beyond the “typical billing address check” that most online fraud detection services use. By combining common and proprietary fraud detection techniques with advanced heuristic pattern matching and historical data driven techniques, the Fraud Genius technology has the ability to deliver a fraud detection score that is considered to be “one of the most accurate scores in the industry.”
The Fraud Genius service is one that is billed monthly based on the number of transactions sent to the service. The cost is only $0.03 per transaction. It is FREE to sign up for the fraud detection service at their website. When you purchase the Magento fraud detection extension from this website you will receive a coupon code valid for 2500 free fraud detection requests. You can enter the code at the Fraud Genius website any time after purchase.
