How CCAvenue F.R.I.S.K is an Effective Risk Mitigation Tool for Your Business

In the past three years, digital payments in India have witnessed a CAGR (Compound Annual Growth Rate) of 12.7%, said a recent study published by KPMG. While the economy is speedily moving from paper based to digital payments, it is crucial to have a close look at the existing frameworks for security and fraud control since threats to online payments are equally on the rise.

Instances of online fraud, data theft and malware attacks have increased with the rising number of users going for digital payments. Furthermore, with RBI's forecast of a 50% increase in the mobile-based digital payments, online frauds are yet expected to increase widely. Cashless payments therefore need to be made secure through application of a robust regulatory framework that not just mitigates risk but also enhances business profit and develops user confidence.

Gain Transaction Control and Reduce Fraud
If you think that your business also comes under the purview of online threats that not only eat-up a major portion of your earnings but also bring down your organization's goodwill then it's time for you to get your hands on a smart payment security solution that covers you up from online payment risks.

Finding a Risk Solution for your Business
Luckily there are ways by which you can secure your digital payments and assure to customers a safe shopping experience. Let's see how it is possible to protect your business from card fraud and other online thefts.

CCAvenue F.R.I.S.K - A Game Changer in Risk Mitigation - A Brief Introduction
Fraud & Risk Identification System & Knowledgebase or F.R.I.S.K is CCAvenue's authentic design for taking on the overwhelming issue of online fraud. The CCAvenue F.R.I.S.K. engine is a combination of best practices, leading technology and human interaction, that helps assess each transaction against a negative database collected over a period of 20 years which is verified by our dedicated risk management team over multiple variables like high risk global IP address verification, BIN number mapping, Keystroke speed recording, etc.

How does CCAvenue F.R.I.S.K. work?

We map every transaction against a comprehensive negative database from fraudulent transactions that have occurred with India's Merchants who use the CCAvenue Payment Gateway.

Our solution assesses and verifies each transaction that passes through the CCAvenue payment gateway using over 150 variables such as Negative Database Mapping, High Risk Global IP Address Verification, Velocity Checks, Negative E-Mail Validation, Issuing Bank BIN Number Mapping, Zip Code and Telephone Validity Check etc.

We scan each processed transaction, for risk factors and flag it as a risk prone transaction on identification of risk, which is verified by our qualified Risk Management team. Thereafter, processing the transaction is based on your own discretion.

Velocity Checks and Black List Control
Merchants can set specific criteria to limit their risk exposure through CCAvenue's personalized transaction filters like Velocity Checks and Black List Controls. Let's understand how they function:

Velocity Checks
A merchant can define a simple velocity filter on a daily, weekly or monthly limit basis with certain parameters such as maximum number of transactions per card, per user, per user per card, per user per IP, and maximum total transaction amount per user. When applied, all the transactions will pass through this filter before being processed, and help in controlling frauds.

Blacklist Controls
Merchants can blacklist or update the details of fraudulent IPs, email IDs, and contact numbers that were used to cheat him in the past. Based on that data, we compare the information received in the order form with the updated data and accordingly categorize the transactions. We can also restrict fraudsters from transacting on the merchant's website by blocking their Country, Email ID, Card Number or Geo IP location.

Role of the CCAvenue Risk Team
The Risk Management team of CCAvenue is committed towards providing the organization with maximum security controls across its businesses and to minimize frauds and transaction errors. The tasks handled by the Risk Team include:

Reviewing of transactions and merchant activity to prevent frauds and losses due to chargebacks from disputes raised in the CCAvenue system.

Sending Alerts of confirmed frauds to the merchant

Offering suggestions to the merchant on precautionary measures for controlling fraud

Ensuring that merchant frauds do not impact us financially and that there is RISK FREE processing of the transaction

Checking the Website, URL & Domain, Address fields, Background verification, Transaction details, and Customer confirmation. Also examining for unusual ticket size or any other suspicious activity.

Scrutinizing for suspicious or fraudulent merchants and recommending to internal teams for de-activation of these merchants. The names of the fraudsters are then added into a negative database built over nearly two decades.

Scope of our Risk Mitigation Process
CCAvenue specializes in collection of risk-free digital payments for a large number of ecommerce businesses through best-in-class processes such as Risk Mitigation. Its conceptualized process ensures that all registered merchants are duly scrutinized and subsequent transactions processed through the CCAvenue Payment Gateway, are monitored efficiently and effectively to reduce the risk of fraud.

CCAvenue is an end-to-end PCI-DSS Compliant payment-processing solution provider, catering to nearly 3 million merchants across all payments businesses. With its path-breaking technology in the Fintech space, CCAvenue is committed to redefine user experience, improve transaction success rates and increase the earning potential of web merchants exponentially.

Our comprehensive platform offers business enhancement tools that provide unparalleled product differentiation and are meticulously designed to expand the customer reach of our web merchants, taking their online businesses to the next level.