February 21, 2023
7 Minutes
Having access to an anti-fraud collective intelligence network can be a great advantage for any business that transacts and sells online, including:
· E-commerces
· Neobanks
· Financial infrastructures
· Streaming platforms
· Betting shops
· And, of course, payment processors
This advantage lies in the unmatched effectiveness offered by these networks to detect and prevent fraud through the collection and management of data related to both buyers and fraudsters.
Thus, those fraudsters who attack any of the businesses belonging to the network will be registered and any future fraud they try to commit to the rest of the companies in the network will be automatically identified and frustrated.
This is not the only benefit that a collective intelligence network has to offer. We will see them in this article.
Before delving into the subject, it should be noted that an anti-fraud collective intelligence network such as Bayonet's is, in a nutshell, a fully automated system for data exchange; in this case of clear patterns of behavior of both good customers and fraudsters who have already made previous purchases or scams to any business that transacts online.
The purpose and usefulness of this exchange is the very high probability that it offers to stop countless frauds from the beginning, without the need for your business to have previously been related to the fraudster.
This means that if a fraudulent client makes 2 or 3 attacks on a business belonging to the network, the network identifies it and protects all its members from it.
This allows us to protect our customers and improve the user experience of their buyers, because by identifying the real cybercriminals, the purchase process is streamlined for those regular and reliable customers.
Continuing with the example of Bayonet, our collective intelligence network offers great advantages to businesses that choose our solution.
Likewise, the support it provides to payment processors is notorious, as it also helps them significantly reduce their fraud rate.
Among other benefits, we can highlight the following 4:
By collecting information and patterns from a large number of clients (fraudulent and non-fraudulent) at the same time, the network's database is constantly growing.
This results in greater efficiency in subsequent Data Analysis and detection processes. of fraud, which translates into:
· More fraud prevented
· More fraudulent purchases denied
· And more losses avoided to the business (whether or not it is a payment processor)
In contrast, a payment processor by itself does not have user data outside of it, so it cannot enrich its database to the same level as an anti-fraud collective intelligence network.
It is common for the first attacks carried out on a business to be successful and generate an irremediable economic loss. And so with every business, platform and website that is attacked by fraudsters.
On the other hand, with the support of a network of this type, it is easy to avoid these scenarios, since it is in charge of detecting any fraudster who appears and informing the rest of its members of the threat.
By belonging to this network, you not only get a clear and constant benefit, but also provide indirect and automated help to all other members, which greatly helps reduce fraud in the online market in general.
Of course, it benefits all businesses, customers and Internet users.
In the specific case of Bayonet, and since it is more of a benefit that we offer in particular, security is guaranteed in the process.
Because, far from being an exchange of private data of the merchants themselves, our network carries out the sharing of respective data only to users, including:
· Attack patterns
· Anomalíes presented
· Data used by fraudsters (addresses, names, credit cards, etc.)
Thus, the process is fulfilled and neither businesses nor trusted customers are harmed due to any defect in the exchange of data.
In addition, all this is carried out privately and under encryption, so that sensitive information cannot be intercepted, copied or altered.
And it couldn't be better described: In union is strength. And in Bayonet there is that union.
With our anti-fraud collective intelligence network you will be able to better protect your business and/or complement your payment processor thanks to the simultaneous experience of many other businesses and companies that, just like you, seek the best anti-fraud support for themselves and their customers. .
If you have questions or want to know more about it, you can schedule a call with our team or request a demo.