Digital fraud poses an ever-evolving threat to companies worldwide, with humans and bots both capable of committing fraud. Shocking statistics from a PWC survey reveal that more than half of all companies with at least $10 billion in revenue have experienced some form of digital fraud in the past two years.
Many businesses are naturally employing resource-heavy teams or engaging multiple vendors to help tackle the problem. However, these options can slow down transactions and reduce the customer experience. In addition, they often lack access to comprehensive threat intelligence, making it difficult to determine whether fraud originates from a human or a bot and preventing real-time interception.
As the volume and sophistication of digital fraud attacks continues to increase, businesses need to find a faster, more effective way to stop them in their tracks.
Cloudflare is aware that companies need to invest in robust threat intelligence to better understand and tackle the problems at hand. That is why this security, performance and reliability company is helping to build a better internet by entering the fraud detection market.
Cloudflare is a company with a global network that spans 285 cities in more than 100 countries. Its real-time advanced detection solution, Cloudflare Fraud Detection, is set to provide greater insights into online fraud threats by combining information from various Cloudflare products and help businesses act immediately to block fraudulent transactions in real-time.
“Customers have long trusted us to help protect them online, and now we’re taking that even further by tackling online fraud,” said Matthew Prince, co-founder and CEO of Cloudflare. “We believe we can use our network to stop online fraud faster than anyone else – so business leaders will no longer be kept up at night worrying that online fraud will hurt their brand, their customers’ experience or their revenue.”
Powered by machine learning (ML) models and global threat intelligence, Cloudflare Fraud Detection provides businesses a consolidated fraud management solution with several threat-specific detection capabilities to:
- Automatically block malicious bot traffic – no human intervention needed.
- Prevent attackers from creating fake accounts, without adding complexity or extra steps to the customer journey.
- Prevent credential stuffing attacks that take advantage of people using the same password across multiple websites by using login credentials that have been breached from one site to try to gain access to other websites’ accounts.
- Prevent the use of stolen credit cards.
With its presence in the online fraud detection market, Cloudflare is helping businesses quickly identify and stop online fraud before it impacts their brand or their bottom line.
Edited by Alex Passett