We are excited to share with you the details of Fraud.net’s January 2021 Release Notes. We added advanced settings to rules, integrated with ComplyAdvantage, created an easier way to capture device information, and enabled new fields to allow and deny lists. Read below for more information.

Rule Enhancements

Introducing ComplyAdvantage

We are excited to announce our integration with ComplyAdvantage, an award-winning comprehensive Anti Money Laundering (AML) solution. Write rules to see if your applicant, customer, or counterparty’s name appears on any sanctions or watchlists. If there’s a match, deny the application or transaction in real-time. Configure your query to include specific lists, fuzziness, and match types including Sanctions, PEPs, and Adverse Media. This feature, which was in private beta for the previous 4 months, is now accessible through the Fraud.net Marketplace. Talk to your Customer Success Manager to learn more.

 

Capture Device Fingerprints

Allow or Deny Banking Specific Data Points

We are excited to share with you the details of Fraud.net’s December 2020 Release. We added new fields to the API, more details about the counterparty of the transaction, and some usability enhancements. Read below for more information.

API Updates

Over the past quarter, the Fraud.net team has expanded our banking product to include payment methods beyond debit and credit transactions. Now, it is possible for Fraud.net to risk assess a variety of transaction types such as wire transfers, deposits, internal transfers, ACHs, and many others. As a result, there are new fields available in the Banking API.

These fields include: Seller Account ID, Seller Account Type, Direction of Funds (incoming or outgoing), Geolocation at time of transaction and additional allowed values for the payment method field. Please note, none of these fields are mandatory and there is no impact to your existing workflow. Please speak with your Customer Success Manager to learn more!

Introducing The Counterparty

While the Seller Object remains, we now refer to the seller as the counterparty of the transaction. The term counterparty is any entity on the other side of a financial transaction. This includes individuals or businesses. When reviewing a transaction, there is now a counterparty section with entity-specific details. Please note, all counterparty information is related to the Seller Object in our API.

Direction of Funds

With every transaction, Fraud.net now tracks if the funds are incoming or outgoing in relation to the customer’s account. By default, the direction is “out” and no action is needed if your primary use case is credit and debit card transactions. In all velocity rules, users can now distinguish between including incoming or outgoing transactions. By default, both are selected and no action is needed.

Make Better Decisions and Update Transactions More Easily

As Fraud Investigators are approving, canceling, or updating transactions, they will notice a few enhancements to improve the overall decision-making process.

Expansion of Fraud Types: When canceling a transaction, select the type of fraud that occurred. The types of fraud are segmented by whether your customer was a victim or the perpetrator of fraud. This offers greater insight into how the customer should be evaluated in the future.

Updating The Transaction: From the Actions dropdown within a transaction, a user can now update the card status, payment status, or mark as fraud.

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Fraud.net's release schedule is every Tuesday and Thursday at 5pm EST. Generally, we release just once per week, but keep in mind, there are only two possible times each week that Fraud.net will release. You will continue to be notified of these releases with accompanying notes.

Every release is meant to make for a better user experience. We look forward to hearing your input.