Current estimates are that up to 9% of all online transactions are fraudulent. With more than $20 billion of fraudulent transactions, the rate of fraud growth is 2X the rate of transaction growth. This has created a “climate of fear” among merchants who, in 2012, rejected over $25.5 billion in orders alone on one of the largest payment gateways.
Named one of Forbes Magazine’s Hottest Global Startups in 2013, Trustev is addressing the challenge of online fraud by using real-time, online identity verification to prevent fraud in e-commerce transactions. Focusing on validating the individual making the transaction, not just the payment method they're using, Trustev is using data analytics to attack the problem by delivering individual decisions using multiple, dynamic data sources — behavioral, transactional and social — instead of restrictive rules-based decisioning and profiling. This enables Trustev to gain maximum insights and therefore maximum trust into the actual identities of online merchant’s customers through information such as social media account information.
“One of the biggest challenges we had was finding a big data solution that would allow us to integrate data quickly. Very few solutions out there could really do fast integration and allow us to scale into the future. Datameer provided that fast and easy integration.” Diarmuid Thoma, Director of Fraud & Data Strategy, Trustev
Trustev is using Datameer in two capacities: first, to quickly integrate and analyze diverse datasets to help enhance Trustev’s proprietary algorithms and increase the overall accuracy of Trustev’s fraud detection system; and second, to help deliver those insights to Trustev end-users via an interactive dashboard. The end result enables merchants to increase the number of transactions that are trusted which increases revenue while at the same time decreasing fraud.
Trustev fraud trend tracking and monitoring dashboard created in Datameer