The way to prevent online payment fraud - how PayU sees it coming:- www.deekpay.com

Online fraud has become one of our key concerns as the pattern of digital transactions has shifted. This paradigm shift means that the use of digital payment methods, such as UPI and card-based payments, has increased in comparison to cash transactions. This situation can put both businesses and customers in a vulnerable position. As a result, it has become vital to take great care to close any loopholes in digital payments. However, as we all know, there is a solution to every problem and PayU offers solutions for this.

Next, let's explore the protocols and mechanisms PayU deploys to mitigate the risks that can permeate the payment process. Our risk team is equipped with industry-leading systems to analyse a wide range of risks without fail. Read on to learn how PayU prevents online fraud.

How does PayU help merchants reduce the risk of fraud?

PayU serves over 450,000 businesses, supports over 100 payment methods and processes millions of transactions every day. As such, we have built-in risk engines and mechanisms in addition to mandatory protocols and standards to deter fraudulent behaviour. Our risk mechanisms ensure that every genuine transaction is processed.PayU has a multi-pathway trigger system for analysing risky transactions. Let us know more details below.

Machine Learning (ML) Models

This model is capable of detecting fraud in real time. We have a regression-based model that is constantly trained on transaction-level features. It looks at patterns of potentially fraudulent data inputs and learns from them by analysing the past behaviour of the business.

Real-time transaction monitoring

PayU has a real-time transaction monitoring process. It tracks every transaction to avoid any possibility of fraud. It notifies suspected cases of fraud well in advance before settlement.

risk classification

PayU has set up a system to categorise merchants and perform regression analysis of each merchant's behavioural transaction patterns. If the system finds any discrepancy between transactions and lines of business, transaction volume spikes, presence of suspicious IPs or suspicious transaction patterns, it will indicate risk. Based on the percentage surge in GMV, risk scores are fed into the model and transaction levels are defined for monitoring.

Anti-Money Laundering (AML) Implementation

PayU conducts enhanced due diligence on pre- and post-shipment corporate, cross-border and in-country transactions with an alert queue mechanism, Address Verification Service (AVS), MCC mapping, categorisation and risk-based process scoring.

The Future of Online Fraud Prevention

Although PayU has the best fraud prevention systems in place, online fraud will continue to be a challenge in the future. We are constantly updating our systems to fully mitigate risks at a more granular level. This helps us improve transaction monitoring through rigorous AML solutions and unsupervised learning methods. We feed this data into various machine learning models. If you're looking for the right payment solution for your organisation, we're at your fingertips.

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