How to Use a Transaction Scoring API to Assess Fraud RiskHow to Use a Transaction Scoring API to Assess Fraud Risk

Transaction scoring API to assess fraud risk actors have a wide arsenal of tactics to steal data from your customers, including phishing, spoofing, whaling and synthetic identity theft. This makes a holistic and unified approach to fraud prevention essential. With the ability to assess transaction risk quickly, you can automate and prioritize manual reviews and speed up the time to resolution for users who need your help.

Our ML-powered analytics deliver effective risk scoring that combines both deterministic and probabilistic assessments. This combination gives you intuitive, concise insights that allow you to quickly evaluate and understand user behavior. This helps to streamline transaction review and enables you to increase automation during periods of elevated transaction activity, saving you valuable time and resources from both a personnel and technology perspective.

Transaction Scoring API to Assess Fraud Risk: Detect Suspicious Behavior

Once a user’s transaction is processed, the API delivers a score and corresponding reason codes for each risk level. This information can be viewed in Stripe’s Dashboard or through the API as part of the Outcome attribute on the Charge object.

The scoring engine uses a combination of preset rules and machine learning algorithms to analyze user and transaction data, creating a profile of “normal” behaviour. Transactions that deviate from this profile are flagged. This reduces false positives without sacrificing the ability to detect genuine fraudulent transactions. SEON’s ML platform also comes with industry-preset and suggested rules in fully transparent human-readable form, ensuring you have full control over how the score is calculated (unlike blackbox models). It also has a set of parameters that examine values in a user or transaction based on standard operators such as is equal to or is not equal to.…