Commonly, this data is acquired through fields, which users fill in with personal information such as name, date of birth or email address. The more accurate data you feed into the system, the more precise the results. #2 – Does it Accept Custom Data and Parameters? No need to monitor upgrades or to develop extra features in-house. Similarly, updates and bug fixes are all taken care of by the provider. This, of course, has a strong influence on costs and reducing overheads. Scaling possibilities are an obvious one, as you can pay depending on usage.
Cloud-Based Solutions : Cloud-based solutions from third-party providers have a number of advantages. Salaries and costs aren’t easy to budget when you never know how regular fraud attacks will be. Unfortunately, the main issue is with scaling. It is usually preferred for data-privacy reasons, and the team will benefit from great insider knowledge about the company. In-House solutions: Staffing your own fraud prevention department is absolutely possible. The offers are often pricey, and the technology dated, making integration into new platforms less intuitive than with newer solutions. However, what they gain in maturity is often lost in agility and affordability. They also operate by trading data between enterprises to predict fraudster abuse. Traditional, Legacy Platforms : Fraud prevention is nothing new, and some services have been in operation for many years. A middleware platform needs to be built, which also increases the budget. Usually require one license per provider, which means costs can quickly add up. Niche API Solutions: These focus on aggregating data from various sources, and sharing it amongst companies to get a good picture of who fraudsters might be. 
Roughly speaking, you have 4 choices here: Unfortunately, not all fraud prevention tools are created equal. #1 – What Kind of Fraud Prevention System is it? So how do you pick a fraud prevention tool that is efficient, future-proof and the right fit for your business? Just begin by asking the following 5 questions before choosing it.
Two, we will surely see an explosion in the number of fraud prevention tools in the oncoming years.
One, businesses are willing to spend increasing amounts to reduce their fraud losses.
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