While this number has continually decreased since 2019, it emphasizes how common payment fraud attempts are. According to AFP, in 2021, checks and ACH debits were the payment methods most impacted by fraud activity - 66% and 37%, respectively.
It’s vital for businesses to stay aware of these issues and integrate solutions that can help stop these attempts. Luckily, Stripe offers a platform that realizes the importance of fraud prevention and convenience for your customers.
Identity
Prevent fraudulent attempts and minimize friction for legitimate customers by confirming the identity of global users.
Verification
Verify ID documents from over 100 countries
Capture IDs using a conversion-optimized verification flow
Access to extracted data from documents
Obtain images of the collected ID documents
Conversion
This feature is intended to maximize successful image capture
Poor image quality is most common for legitimate users being mistakenly rejected
Guides users through the photo-taking process
Automatically scores each frame to select the best quality image
Detect
Built on the same technology Stripe uses for their own global network
Using machine learning, detects fake IDs and photos
Validate SSN and addresses against global databases
Consistent updates to prevent the latest attack vectors
Radar
Similarly to Stripe Identity, Radar is built into Stripe to prevent fraudulent attacks. It is seamlessly integrated with Stripe products, such as Checkout, allowing full access to the Stripe platform.
Machine Learning
Detects fraudulent attempts and blocks them using machine learning capabilities that trains on data across millions of global companies
Convenience for (Legitimate) Customers
Old methods of fraud detection no longer serve well for modern day businesses, leading to low acceptance rates and lost revenue. Radar is able to differentiate legitimate customers from fraudulent users and applies Dynamic 3D Secure to high-risk payments.
Fit to Your Business
Due to the machine learning infrastructure, it has the ability to retrain models, even models customized for your business. This means Radar’s algorithms have the ability to quickly adapt to changing fraud patterns and your particular business.
You can integrate Stripe Identity using Stripe’s libraries and SDKs or have Stripe Radar automatically built-in for you by creating a Stripe account. Whether you’re ready to begin the integration process of Identity or interested in using the Stripe platform for the benefit of Radar, we are here and ready to help. We understand the frustrations of fraud and the importance of fraud prevention. Contact us today to get started!