“All Bread Is Not Baked In One Oven” – WhyLabs Introduces New Approach to Fraud Detection

Why Laboratories Corporation (WhyLabs) is a scientific laboratory studying online fraud-prevention problems and providing services to online businesses all over the world. The company specializes in risk management solutions and checks each particular transaction for fraud possibility.

WhyLabs` latest study was targeted at the effectiveness of using anti-fraud tools to protect online businesses and decrease fraud losses. It was found out that anti-fraud tools now bring only the very small share of effect that they can potentially bring. The reason is ineffective application of fraud-detection mechanisms. As long as there are a great many ways of fraudulent attacks, there must be a great many anti fraud approaches as well. The study showed that only the detection system specially tuned up for a specific kind of business can protect it with a proper effect. However, there is no anti-fraud provider offering such particularly customized fraud-prevention system today.

According to the results of the study Why Laboratories Corp. introduces its new approach to risk management solution. Formerly operating as many other anti-fraud systems which offer a general solution for all clients with only little fluctuations, WhyLabs changes its conception and introduces the Tailored Scoring System. The system makes it possible to create a unique fraud-detection pattern for every client according to their business profile.

All retail products which are offered all over the Internet were specified by WhyLabs researchers into three groups: downloadable products (software, member`s zones, online services, etc.); physically shipped products; gambling. A number of anti-fraud scoring patterns were created according to different features of each group. After a client chooses their group and fills in a form concerning their business profile and specificity, expressly designed software chooses the needed combination of modules and a scoring pattern to match this specific business. Thus every e-merchant has an opportunity to get a unique risk management solution.

WhyLabs reports that prices have not changed with the introduction of the Tailored Scoring System. Client`s unique pattern is created at no cost, and fee is still $ 0,05 per transaction. In Why Laboratories Corp. they believe that the introduced risk management approach proves to be much more effective than all previous ones in fighting fraud all over the Web.