Online payment gateway provider PayUbiz has today announced the launch of its new technology named “Device Fingerprinting”. Aimed at countering the malpractices in eCommerce portals’ loyalty program, it allows merchants to quickly catch frauds, without having to spend significant time and energy to manually control such activities.
The company’s newly announced technology captures distinctive details of a user’s internet connecting devices such as computer, mobile phone and tablet. It further enables detection of fraudulent transactions without the need of acquiring personally identifiable information.
As per the company, this new solution captures more than thirty parameters through a web browser. These parameters are updated and customized to keep the technology ahead of the curve regularly. The company says that is a powerful tool for recognizing a returning fraudster even if they use multiple identities by using different contact numbers, identities, IP Address or cookies.
Speaking about the e-commerce landscape, threats and hacks practiced by fraudsters, PayUbiz head Rahul Kothari said,
The e-commerce segment in India has grown by leaps and bounds and was pegged at 17.5 Billion USD in 2015. It is further expected to grow to 119 billion USD by 2020. With such explosive growth and potential, Indian and global merchants are going no holds barred to capture the market share.
With such explosive growth and potential, merchants wants to capture the market share by often offer promotional discounts and rewards. But, one of the challenges of running promotions and loyalty programs is misuse of the same. This new offering from PayUbiz is aimed at solving this problem. The company’s spokesperson added:
E-commerce merchants have been trying to adopt risk and fraud management solutions to counter such offer/voucher abuse. However, most of these solutions have been very much rule based, which is easy for a skilled fraudster to crack. With this launch, PayUbiz asserts its supremacy in the payment industry in India and its innovative streak when it comes to unleashing new trends in the market.
GoIbibo, an online travel portal has already implemented this Device Fingerprinting technology on its platform to prevent users from misusing its gocash rewards program. Commenting about this, Udaya Bhaskar Rao Mellampudi, Director of Engineering (Platforms) at Goibibo said,
PayU has significantly improved Goibibo’s ability to monitor gocash promotion usage. PayUbiz device finger printing solution allows us to stop voucher abuse in real time without having our fraud prevention team to spend significant time and energies to catch these activities.