Custom Radar Rules Protect Your Business from Fraud. They are features on Identityradar that allow organizations to design and apply custom rules tailored to the distinct risk profiles associated with their customer segments and industries. This functionality is instrumental in enhancing the precision, effectiveness, and efficiency of the organization’s compliance and risk management processes.
Understanding Custom Radar Rules
Custom Radar Rules is a feature that empowers you as a user to define your own set of criteria and conditions. This rules are under which transactions or customer actions are flagged for review. Unlike traditional, one-size-fits-all fraud detection systems, Identityradar’s Custom Radar Rules enable you to drill down. You are able to do this into the specifics of what constitutes potential fraud in their unique context. This could range from setting thresholds for transaction amounts, frequency of transactions from a single account, and irregularities in payment methods to anomalies in customer behaviour patterns.
Let’s dive deeper into the specific types of rules that can be crafted within Custom Radar Rules: Name Rules, IP Rules, Phone Rules, and Email Rules.
Name Rule
Name Rule allows businesses to flag transactions based on anomalies. These may include inconsistencies in customer names and other rules. This can be particularly useful for detecting identity theft or fraudulent accounts where the name provided does not match other verified customer data. For example, businesses can set up rules to alert them when there is a mismatch in the name on the credit card versus the name entered at checkout. In addition, it may be when a single name attempts transactions on multiple accounts within a short timeframe.
IP Rule
IP Rule enables businesses to monitor and analyze transactions originating from specific IP addresses or geographical locations known for high levels of fraudulent activity. Businesses can create rules to flag transactions from IP addresses in countries where they do not operate or from locations previously associated with fraudulent transactions. Additionally, IP Rules can help identify suspicious patterns, such as multiple accounts being accessed from the same IP address, which may suggest unauthorized account takeovers.
Phone Rule
Phone Rule focuses on analyzing phone numbers associated with transactions to detect fraud. It flags unusual patterns, such as the same phone number used for multiple accounts or transactions, or phone numbers from unexpected regions. It can also identify and flag VOIP numbers often used by fraudsters to hide their location.
Email Rule
Email Rule scrutinizes email addresses associated with transactions. Businesses can flag suspicious email addresses, like those using disposable email services often used by fraudsters for temporary accounts. Other criteria include detecting email addresses involved in past chargebacks or fraud, or patterns suggesting multiple fake accounts, like sequential or very similar email addresses.
How Custom Radar Rules Work
Custom Radar Rules leverage Identityradar’s advanced AI algorithms to analyze transactions and customer interactions in real-time. When a business creates a custom rule, the system actively watches for activities that match the defined criteria. For instance, a business vulnerable to chargebacks could set up a rule to flag transactions over a specific amount after prolonged customer inactivity. Or, for an online retailer, a rule might focus on orders significantly larger than the customer’s usual purchase.
The Benefits of Using Custom Radar Rules
1. Precision in Fraud Detection: By allowing businesses to define what constitutes suspicious activity, Custom Radar Rules greatly reduce the chances of false positives. This precision ensures that legitimate customers are not inconvenienced by unnecessary security checks, leading to a smoother user experience.
2. Adaptability to Evolving Threats: The digital landscape and fraudster tactics are constantly evolving. Custom Radar Rules can be quickly adjusted, or new rules can be created to respond to emerging threats, ensuring that businesses stay one step ahead of fraudsters.
3. Enhanced Compliance Posture: For businesses in highly regulated industries, Custom Radar Rules can be tailored to meet specific regulatory requirements, thereby improving compliance and reducing the risk of penalties.
4. Operational Efficiency: By automating the detection of risky transactions based on bespoke criteria, businesses can streamline their review processes, allocate resources more effectively, and focus on scaling their operations.
Eager to harness the power of Custom Radar Rules with Identityradar but not sure where to start? Here’s a step-by-step guide:
1. Begin by visiting account.prembly.com here. If you’re a new user, you’ll need to sign up; existing users can log in as usual.
2. Once logged in, navigate to the “Identityradar” section.
3. Look to the left-hand side of your dashboard and click on “Radar Rules”.
4. There, you’ll find various options such as Name, Email, IP, Phone, and Name rules. A toggle button is available for each rule, allowing you to activate or deactivate them according to your needs.
5. The capability to create your own rules is what truly sets Custom Radar Rules apart. By clicking on “New Rules” at the top right of the dashboard, you can input the rule category, attributes, set, value, score, and risk level and then save, thereby creating your custom rules.
With Identityradar’s Custom Radar Rules, businesses can move beyond the limitations of generic risk management practices. Get started here
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