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!