AI-Empowered Device Fingerprinting, How it helps in E-commerce fraud detection?
E-commerce Fraud knows no boundaries. Faced worldwide by sellers, fraud takes up an approximate of $1 trillion annually out of e-commerce sellers’ revenue. There has been an upswing in e-commerce transactions and online banking, which has also given rise to the number of crimes committed against e-commerce businesses with the misuse of computers and smart devices.
In the midst of an increasing number of ways to defraud an online seller, handling fraud on their own has become next to impossible for businesses. They have to employ a large percentage of time and resources to detect even a small percentage of fraud on their own. However, one technological advancement that helps e-commerce businesses in detecting and stopping fraud at its origin is Device Fingerprinting.
What Is Device FingerPrinting?
Millions of smart devices are sold every day. Changing technology standards and techniques like VPN and Ad Blockers have made it impossible for businesses to track fraudsters. Device fingerprinting changes this by identifying the computing device - like a laptop, mobile phone, tablet, desktop, etc.
Device fingerprinting identifies the unique configuration of the device like the trail of “evidence” left behind by the fraudster. It helps in gathering information about the device like its time zone, operating system, IP address, apps, plugins, browser, etc. in real time and helps in assigning a unique print to the device.
What Is The Use Of Device Fingerprinting?
Device Fingerprinting assigns a real-world identity to the online identity. It helps in tracking even those fraudsters who hide behind the walls of VPNs, Ad blockers, proxies, etc. In the case of e-commerce, device fingerprinting allocates an identity to the device from which an order is placed with the business, and tracks any fraud even if the entire device is reset or wiped out clean.
It defeats the shortcomings of other means of user-tracking as it is powered by machine learning that enables it to assign an identity to a device in microseconds. Device fingerprinting is an essential feature of e-commerce fraud prevention tools like Mitra, an Artificial Intelligence algorithm, that tracks a device in less than 200 ms!
An AI-empowered e-commerce fraud prevention measure that assimilates the advantage of device fingerprinting does not have to rely on manually pre-stored data. It simply surveils the data transmitted and received by the connected devices.
Device Fingerprinting enables e-commerce businesses to detect illicit transactions without having to obtain the personal information of fraudsters. Such online fraud detection tools encapsulate more than 200 parameters which are in turn constantly updated to stay one-step ahead of fraudsters. These benchmarks are tailor-made to the kind of product or services dealt with by the e-commerce seller.
Artificial Intelligence has become an indispensable method of online fraud prevention as it is a lethal combination of machine learning, natural language processing and device fingerprinting! It is an all-inclusive method that can recognise a scammer even if he uses multiple IDs, IP addresses, PIN codes, addresses, phone numbers or browsers, helping businesses fight fraud synchronously!