DemystData’s fraud solutions offer best-in-class IP risk data from the minFraud service to help financial services firms prevent fraud
Demyst ’s Platform has helped Tier 1 financial services firms modernize and leverage external data workflows for over 10 years. Account takeover and synthetic fraud can be expensive for Demyst’s clients in online payments, banking, and insurance. Demyst’s VP of Product Strategy Prashant Reddy explains that the data provided by the minFraud service fills a key niche in the solutions Demyst’s clients are creating.
“minFraud’s IP scoring provides value to our clients, but some clients also get value from additional checks. Does the location of the device conducting a transaction match the consumer’s reported location? Is this a high risk mailing address? This is extremely useful information for screening transactions or deciding whether to do manual review.”
Demyst helps clients to integrate multiple data assets into a single unified API, and they are selective about the sources they include in their solutions.
When Demyst selects data products, they are looking for attribute stability, consistency, and a commitment to data quality, which the minFraud data product has demonstrated over time.
“We’ve come to trust minFraud data over a long period of time.”
With more financial transactions moving online and with fraud following suit, leveraging diverse data about online fraud is increasingly a necessity for online businesses. Whether Demyst’s fraud solutions aim to verify the geolocation of a person, check for proxy and VPN use, or draw on reputation data from the minFraud Network, MaxMind offers data products that are valuable.
“A high quality anti-fraud offering based on IP addresses is another weapon organizations can have in their arsenal to flag potentially risky transactions.”
And when it comes to fighting potentially expensive fraud, it’s important to have the best weapons, like the minFraud service, at your disposal. Demyst helps their clients by assembling those weapons into a powerful arsenal of data points that can be easily integrated and incorporated into their clients’ workflows.