Technology has disrupted the methodology by which even the minutest day-to-day activity is performed and has connected the world as a giant nexus. All forms of communications and business activities have taken a virtual guise, including the shopping habits of consumers ubiquitously.
However, this technological advancement has its own pros and cons; it makes buying a product or availing a service as elementary as waiving your hand; it has opened the floodgates of fraud and cyber abuses that e-commerce businesses go through every second!
ThirdWatch is the first SaaS company in India to come up with an intelligent solution for dealing with fraud and abuses in e-commerce domain. With years of technological expertise and research on the kinds of fraud dealt with by the e-commerce sector, ThirdWatch has harnessed Artificial Intelligence (AI) technology to concoct the perfect solution for e-commerce fraud prevention- its AI engine ‘Mitra’.
Mitra is an Artificial Intelligence system that integrates machine learning and predictive analytics to block e-commerce fraud with accuracy and in real time. It is an automatic machinery that easily distinguishes real transactions or orders from fraudulent ones.
With its highly evolved capabilities, Mitra can detect and prevent a large number of e-commerce frauds such as Return-to-Origin (RTO) fraud (commonly known as order return fraud), chargeback fraud, payment fraud, merchant fraud, identity fraud, promo code abuse, friendly fraud, phishing, credit card fraud, and so on!
The e-commerce fraud prevention tool is highly sophisticated natural language processor that gets accustomed with the kinds of risk a particular merchant faces and analyses each transaction received in the most precise manner as soon as an order is placed by a customer. It is a customizable fraud prevention tool that effortlessly adapts to the genre of e-commerce.
ThirdWatch’s system is designed to flag a transaction as genuine or fake within milliseconds of the order placed. Mitra is a fully automated engine that instantly flags a transaction by scrutinizing it through more than 200 benchmarks like the name, address, phone number, device, IP address, PIN code, locality, city, time zone and much more in less than 200 milliseconds.
The ingenious technology does not wait for the user to commit fraud or use static rules, instead, it goes through a large amount of data and assigns a device fingerprint to the users’ transactions. By evaluating the connection between different parameters and transactions, ThirdWatch is able to catch fraud instantaneously.
With 100 percent confidentiality in place, ThirdWatch never shares the identity or data collected from its clients. The high levels of data security standards, the data monitoring has no effect on the e-commerce seller’s website. Ensuring that fraud and anomaly detection takes place completely behind the scenes, ThirdWatch, in no way, affects the business activities of the client.
AI-based fraud prevention measures like Mitra ascertain concealed patterns of fraud even before they can affect the business of an e-commerce platform. By leveraging AI, ThirdWatch has made it a matter of seconds to pinpoint the source of fraud and block any transaction from it before it causes any harm to the business.