Web Fraud Detection (WFD) is a set of services or a software product that detects and prevents fraud activities over the web. WFD market vendors use one or both of the following methodologies to detect fraud:
- Rule-based– based on what is known at that point in time
- Mathematical predictive– artificially intelligent scoring techniques, self-learning predictive models
Online fraud is on the fast track of evolution. As fraudsters continue to improve their methods and continue to launch increasingly sophisticated and unpredictable attacks all around the globe, organizations must look for a solution that can fend-off these kind of attacks, such as man in the browser or account takeover.
Organizations with high-risk applications and sensitive customer data must look for vendors and technology that can fend off increasingly sophisticated and unpredictable attacks, such as the current round of man-in-the-browser attacks.