MaxMind Credit Card Fraud Detection
MaxMind, a fraud-prevention partner of MerchantPlus, has developed minFraud®, a non-intrusive online fraud detection
solution based around the
combination of IP reputation analysis and a mutual collaboration
network. IP reputation takes geolocation
and proxy detection to the next level by providing relevant information
about the IP's historic behavior,
legitimate and suspicious. The minFraud service allows online merchants
to indirectly share non-personally
identifiable but relevant fraud information with other merchants for
mutual protection through the
minFraud Network.
Key Features:
- IP Geolocation provides the geographical location of the customer down to the city level.
- Proxy Detection determines the riskiness of IP addresses and whether or not they are anonymizing proxies.
- BIN Number Check returns the country location of the credit card's issuing bank.
- The minFraud Network is a reputation network that provides risk analysis based on historic legitimate and suspicious behavior for transaction attributes such as IP address, domain, and e-mail address.
What is minFraud?
minFraud is the proprietary online fraud detection service that combines our
GeoIP® technology with other in-house developed order variable checks,
such as open proxy detection. The minFraud service
can provide all the information obtained during manual verification and additional information
in less than one second. Merchants can use the minFraud service to speed up
manual order verification, automate order process by using our risk scores, or develop their own
customized scoring system with the information that we provide.
What is the minFraud Network?
Since the minFraud service is a hosted solution, it connects and consists of all the e-commerce
businesses who are currently using the minFraud service. Currently, more than 6,000 e-commerce
businesses are protected by the minFraud service through our client and partner networks.
By combining feedback and resources from the minFraud network and delivering new features
designed to combat emerging fraud trends, we are able to help merchants reduce chargebacks effectively.
Why join the minFraud Network?
Businesses may prefer to have an in-house screening system, but we believe a hosted service
has advantages over an in-house system. While in-house fraud screening systems may be effective,
over time, fraudsters will figure out a way to circumvent the security measures. Being part of the
minFraud Network allows for a more dynamic and adaptive approach to fraud detection through the
idea of mutual protection.
For example, if we detect suspicious activity from an IP address,
it will be flagged as high risk throughout
the network in real-time. Feedback from merchants will serve as a warning signal to all others within
the network.
For that reason, the minFraud service can complement existing in-house fraud checking systems
very well.
