Duologi

Merchant Login

Duologi
  • Sectors
    • All
    • Retail
    • Home Improvement
    • Legal
    • Education
    • Healthcare
  • How it Works
  • Switching Finance Provider
  • New to Finance?
  • About Us
  • Retail Finance Blog
  • Get in Touch

retail
finance
ideas

  • Ideas for you
  • News
  • Case studies
https://duologi.com/wp-content/uploads/2019/07/Online-fraud-and-how-to-fight-it.jpg

Online fraud and how to fight it

Online fraud and how to fight it Trust is the foundation of any relationship – and the one between business and customer is no different. The customer must trust that the business is selling what it says it is – and the business must trust that the customer is who they say they are.

Sunday July 28th, 2019

Online fraud and how to fight it

Trust is the foundation of any relationship – and the one between business and customer is no different. The customer must trust that the business is selling what it says it is – and the business must trust that the customer is who they say they are.

Online, however, this can be tricky.

Types of online fraud

There are two main types of fraud that organisations need to contend with online. The first type – and the major one – is identity theft fraud. That is, criminals stealing people’s legitimate credentials and then using them to make purchases.

The second type is Distributed Denial of Service (DDoS) attacks, whereby cyber fraudsters hit websites with multiple pieces of spam data in a very short space of time in order to seize up the system. From there, they hope to demand a ransom payment.

Both types can be hugely damaging for businesses, leading to substantial financial and reputational damage. According to the Experian 2018 Global Fraud and Identity Report, 63% of businesses experienced the same or greater fraud losses in the past 12 months compared to the previous 12. And, with the perpetrators being anyone from amateurs up to organised criminals, there is a broad battle to fight.

We can help.

How Duologi can help you fight online fraud

As a provider of online finance solutions, detecting online fraud is hugely important to our team. We need to have robust and careful protections in place – both from a technical perspective and an expertise perspective.

As such, by incorporating Duologi’s point of sale (POS) finance tool on your website, you are essentially adding an extra layer of anti-fraud filtration.

But how exactly does this filtration work?

It incorporates a series of specific, highly sophisticated digital techniques which check the risk relating to the digital profile of the end user (the applicant for POS finance).

Credit engine: multiple layers of checking

First up – when a shopper completes our (short and simple!) application form, we first need to check whether that individual has a strong digital profile or whether they are potentially a bot or spam. This includes checking their email address, which we ask for as a matter of course.

Next, we check the hardware being used by the applicant, and the IP address they are using. This generates a risk score which helps us make a final decision.

From there, having established that the applicant is digitally sound and not an automated bot, we can focus on triangulating key data such as their date of birth and proof of address to decipher whether they actually exist and are a real, living person.

They are alive! From there, we need to establish whether we trust this real, living person – primarily from a credit risk perspective – but there are certain patterns of behaviour within the credit bureau reports we receive which can indicate whether fraud is taking place too.

We can also, should we need to, check the applicant’s bank account to affirm whether the credit card matches the individual, and we can choose to check their affordability. This can help detect fraud through ‘validated evidence of income’.

Automated connections to the CIFAS – the UK’s national fraud database, can indicate whether an individual is a fraudster, suspected fraudster or has been a victim of fraud. If there’s a match, then we can undertake a further manual check.

Finally, we have developed highly sophisticated in-house time-series checks and event data checks which are totally unique to Duologi. These are highly predictive and are there to protect us and the merchant.

The human element: additional links to expertise

But technology is just one part of the anti-fraud story. Beyond these multiple layers of automated checking, we also have additional links we can draw on. We have direct relationships with people who have been involved at a senior level with the National Crime Squad, the Bank of England and other relevant bodies.

We like to test and learn – to try out different rules and constantly search for new ‘data bullets’ to prevent fraud. There is no single silver bullet. Rather, there are lots of smaller indicators which, when you connect them, give a powerful profile of each applicant.

The bottom line? Introduce Duologi’s POS finance at your online checkout and you are also introducing a huge array of anti-fraud tools, from an established expert in this space.

Get in touch with us today to find out more about how we can help you fight online fraud.

How Consumer Finance Works: Here's everything you need to know about offering consumer finance - Download eBook Now

Share this idea

Share on Facebook Share on Twitter Share on Linkedin Share by Email

More ideas for you

Garden area with chairs on artificial grass

Everything you need to know about offering outdoor living finance

Learn more ›
H20 Hot Tub

Everything you need to know about offering hot tub finance

Learn more ›
The dos and don'ts of offering finance as a tradesperson

The Dos and Don’ts of Offering Finance as a Tradesperson

Learn more ›
How to offer finance to home improvement customers

How to Offer Finance to Home Improvement Customers

Learn more ›
What is home improvement finance?

What is Home Improvement Finance?

Learn more ›
benefits of home improvement finance

The Benefits of Offering Home Improvement Finance to your Customers

Learn more ›

What is the Consumer Buying Process?

Learn more ›
Office Workers

4 Consumer Finance Benefits for Business Owners

Learn more ›
Women opening online order

How to Improve Customer Experience Online

Learn more ›
Retail finance duriong covid

Consumer Buying Behaviour During Covid

Learn more ›
Pay off finance early

How to Get Customers to Spend More

Learn more ›
Pay off finance early

7 Ways to Increase Repeat Sales

Learn more ›

How do I get financing for my customers

Learn more ›

How to Retain Customers Online

Learn more ›
Shop assistant offering finance using a tablet

Finance for Customers of Small Businesses

Learn more ›
Pay off finance early

Can You Pay Off Finance Early?

Learn more ›

What affects your credit score?

Learn more ›
Dog lying on artificial grass

8 Most Common Questions about Pet Finance

Learn more ›

New Year, New Decor: Finance for Home Improvement in 2021

Learn more ›
Money saving tips for Christmas

Duologi’s Top 10 Money-Saving Tips for Christmas

Learn more ›

Black Friday during a pandemic

Learn more ›
Consumer using laptop

The Secrets Behind Running an Ecommerce Business

Learn more ›

How We Offer Customer Finance

Learn more ›
Women opening online order

10 Ways to Increase Average Order Value

Learn more ›

The Facts About Customer Financing

Learn more ›

Why Offer Credit Facilities to Your Customers?

Learn more ›

How to Start Offering Finance to Your Customers

Learn more ›

Coping with change

Learn more ›

The Benefits Of Offering Dental Finance

Learn more ›

The Value Of Offering Payment Plans For UK Customers

Learn more ›

Why Responsible Lending Matters

Learn more ›
Shop assistant offering finance using a tablet

How to Offer Customer Financing in Your Business

Learn more ›
Businesswoman in showroom

What is Retail Finance & How Does it Work for Businesses?

Learn more ›
Patient getting dental treatment

The Benefits Of Offering Patient Finance

Learn more ›
Patients in waiting room

5 Tips to Attract More Patients to Your Practice

Learn more ›
PDS2 graphic

What is PSD2 And What Does It Mean For Online Retailers?

PSD2 is the Revised Payment Services Directive issued by the European Commission for innovation, improvement and internet payment safety. The first payment services directive, PSD1, was adopted in 2007, to establish the same set of rules on electronic and non-cash payments across the European Economic Area. The revised directive was adopted in 2015, and became applicable in January 2018.

Learn more ›
Abandoned cart

Refer rates and basket abandonments: how do yours stack up?

Basket abandonment. It’s a headache for online retailers and top of the to-do list for many digital marketers

Learn more ›
Legal Sector

CCLs: The lowdown

If you’re offering credit to your customers via point of sale (POS) finance, then they’re something you need to think about. CCLs are issued by the Financial Conduct Authority (FCA) and are a crucial element in your overall business compliance. They also help to highlight your proactive and customer-centric approach

Learn more ›
GDPR represented by padlock

What actually is GDPR

The General Data Protection Regulation (GDPR) came into effect in the UK on 25th May 2018. It’s an acronym that has been covered widely in the media and discussed at length in company boardrooms and it has a major impact on the retail sector – but making sense of GDPR can be complicated. What actually is the ruling and what does it mean for your business?

Learn more ›
Consumer using laptop

Multi-channel retail: What do your customers expect?

Multi-channel is the new normal for retailers.

Learn more ›
Stick with me lights

How to keep your customers coming back

Building customer loyalty is a key challenge for any retailer. Whilst targeting new customers is important to broaden your target market and increase conversion rates, rewarding current customers is essential to enhance customer experience and customer satisfaction. This is to ensure the come back to you in the future and not to your competitors. The question is – how?

Learn more ›
Handshake

How to sell finance

So you’ve decided to offer point of sale (POS) finance solutions to your customers. Great!

Learn more ›
Man and 0

The myths and opportunities of 0% finance

The appeal of 0% finance offers to end users is clear – it’s free. It offers a quick and easy way for them to purchase the high-value goods or services they want, without a hefty upfront cost.

Learn more ›
Coins in jar

Acceptance rates vs subsidy rates

Thinking of introducing point of sale (POS) finance? You’re probably interested in how much it is going to cost.

Learn more ›

grow and
succeed

Time to talk about you

  • Home
  • About Us
  • Get in Touch
  • How Financing Works
  • Retail Finance Blog
  • Thinking of switching
  • New to Finance?
  • Jobs
  • Faqs
  • Resources
  • Complaints
  • Privacy Policy
  • Terms of services
  • Oaktree Capital
  • FCA
  • Get in touch
  • Call icon0345 521 1881
  • Mail icon sales@duologi.com

Connect with Linkedin


Duologi


Duologi is a trading name of Specialist Lending Ltd which is a limited company registered in the UK under number 10664999 at the registered address The Square, Basing View, Basingstoke, England, RG21 4EB. Authorised and regulated by the Financial Conduct Authority. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

© Copyright 2022 · All Rights Reserved

Site by duologi Websites

We have placed cookies on your device to support a better browsing experience for you. By proceeding to use this website, you consent to the use of such cookies. You can find out further information about the Cookies used and what they are used for here Information and Settings.