PayUbiz, announces the launch of its Device Fingerprinting Technology. The technology is aimed at countering the misuse, counterfeiting and scams in e-commerce loyalty program for customers. This technology is used to determine if the device can be trusted or not. Confirming its unbending stance on innovation in the digital payment space, PayUbiz, yet again pioneers a technology that serves the entire e-commerce industry.
Elucidating on e-commerce landscape, threats and hacks practiced by fraudsters, Rahul Kothari, Business Head, PayUbiz 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 120 billion USD by 2020. With such explosive growth and potential, Indian and global merchants are going no holds barred to capture the market share. In a bid to scale their business and retain customers, these online merchants often offer promotional discounts and rewards. One of the challenges of running promotions and loyalty programs is misuse of the same. For example, a security bug in the application of a cab aggregator service allowed users to enjoy unlimited free cab rides. In another incident, several users got about half the value of smartphones as cashbacks on multiple purchases and then resold these smartphones at lesser discount in open market. This causes revenue losses as well as loss of goodwill with the genuine users. The loss is estimated to several million marketing dollars for the industry per year in India. However, with this launch, the e-commerce players can rest assured that their marketing investments would be much more effective.”
“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. We are the first in the market to launch Device Fingerprinting technology in India to counter this challenge head-on. We have been working on bouquet of new age risk solutions and platform for banks and e-commerce companies. This is the first offering to be launched in market and you will see more in be launched in next few months” He Added.
Device Fingerprinting technology captures distinctive details of a user’s Internet connecting device like computer, mobile phone and tablet. It enables detection of fraudulent transactions without the need of acquiring personally identifiable information. This solution captures more than thirty parameters through a web browser (mobile and internet). These parameters are updated and customized to keep the technology ahead of the curve regularly. It 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.
Goibibo, a leading online travel portal recently incorporated Device Fingerprinting technology to prevent the same customers from making multiple bookings, misusing its gocash offers. 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. PayUbiz has been the perfect partner for Goibibo by adding robust fraud prevention capabilities to its existing industry best payment processing platform”.
To summarize, PayUbiz’s Device fingerprinting solution allows merchants to quickly catch frauds, without having to spend significant time and energy to manually control these activities. The technology has broader applications to control fraud, not only in reward payouts, but across the payment transaction cycle.