Paystand's standard and add-on fraud protection mechanisms.
Paystand offers several fraud protection mechanisms in our standard bundle. These include, but are not limited to:
- Defining criteria (during underwriting) to detect abnormal or suspicious payments.
- Advanced machine learning and transaction-based scoring models analyze each transaction for potential fraud.
- Through Paystand’s blockchain-based payment authentication process, Payment Assurety, each transaction automatically creates a digitized record trail that is secure, certified, and fully auditable.
- Additional back-end mechanisms we do not disclose for security purposes.
Can Paystand offer fraud protection mechanisms for outdated information like Stripe and other processors?
CAU: Card Account Updater: automatic update of customer account details (billing address, expiration date, etc.) for a card; $0.20 per successful card update
Radar: fraud scoring (for recurring charges, this is only charged the first time the card is used); $0.04 per transaction
3D: extra fraud protection; authentication page (password, code sent to customer’s phone, etc.) ; $0.03 per transaction
Paystand has a number of features built into our card processing that have allowed us to achieve an industry-beating low chargeback rate. And we do not charge extra for that fraud protection.
If they have an issue with payers not being authorized to make their card payments, they should look at using Paystand's network - the 2FA authentication required for their bank login credentials is far more secure than any card or ACH. It is far more effective at ensuring the payer is permitted to make the payment, than simply having possession of a card number and billing address.
To share more information about our security & fraud protection, please use this Paystand Security Fact Sheet.