Imagine if every time you swipe your using APIs for fraud detection a transaction online, it was subjected to a full fraud analysis. Surely, it would slow down the flow of commerce and create an unnecessarily stressful experience for you as a consumer. For eCommerce stores, it would mean costly delays in processing orders and delivering payments.
Unfortunately, that’s the reality of using credit cards and other payment methods with the current fraud detection systems. These legacy systems use a series of static rule sets and siloed risk signals that are not integrated or standardized across multiple point solutions. This often leads to security blind spots that result in slow response times, fewer incidents prioritized for mitigation, and less visibility into what’s really going on.
Using APIs for Effective Fraud Detection and Prevention
In order to quickly respond to fraudulent activities, it’s important to have access to real-time data. This is where fraud detection APIs can help. By connecting with your existing tech stack, these solutions ingest data streams and process transactions in real-time to provide instant risk scores and prevent financial loss.
Additionally, leveraging a flexible GraphQL query language allows fraud detection APIs to easily adapt to the unique needs of your business. This enables you to focus on the data fields that matter most and customize a modular solution to achieve your goals. Furthermore, SEON’s pay-per-API-request model provides a scalable pricing option that ensures you only pay for the functionality you need.
It’s critical to select a fraud detection API that can keep up with your transaction volumes during high-traffic periods and scale as your business grows. Be sure to test the solution’s performance during peak traffic loads and evaluate if it experiences any degradation in speed.