Cryptocurrency exchanges can frequently be a target of fraud attacks. Cybersource offers a solution that that can mitigate fraud while helping maximizing revenue.
I’ve worked in the fraud industry for nearly two decades and sometimes believe I’ve seen it all. But the unique risks and attacks associated with cryptocurrency keep me on my toes—and, as a fraud nerd, delight me. The fact that crypto is pure value makes it a prime target for fraud, but it’s the novelty of the structure around crypto that drives such incredible innovation from fraudsters. This means that, no matter where you sit in the crypto ecosystem, you need to aim for an airtight fraud prevention strategy.
Protecting crypto without adding customer friction
Cryptocurrency exchanges, which convert fiat currency into cryptocurrency, can often be a target of fraud attacks. The volatility and breadth of the marketplace coupled with rising consumer interest creates a growing market for fraud that exchanges must identify and prevent. Fraud tied to purchases and the movement of funds between accounts places the exchange’s revenue directly at risk.
Cybersource offers a solution that combats these challenges with an end-to-end suite of fraud and risk products and services that can mitigate fraud while helping maximize revenue. Cybersource Revenue Optimization Solution can facilitate the movement of cryptocurrency without disrupting the customer experience.
A flexible, automated solution
Fraud prevention is traditionally positioned as requiring a layered approach using multiple products. Implementing this kind of layering can be costly and time-consuming and uses up valuable IT resources.
As an alternative to managing multiple providers and platforms, Cybersource offers the simplicity of a single, end-to-end platform that leverages machine learning and AI to automate risk management. It’s easy to implement and fully integrated, with device fingerprinting and profiling, authentication capabilities, and several third-party data services. Our solution is flexible, scalable, automated, and comes through a single connection and a single provider with the ability to share learnings across the full solution.
Proven results that can boost security and revenue
Cybersource Revenue Optimization Solution can produce exceptional results.
Businesses that optimized their acceptance strategies with Cybersource1:
- Saved $4M in manual review costs.
- Increased acceptance by $36.8M.
- Maintained stable performance during market volatility.
- Experienced exceptional 99.999% uptime.
- Increased authorization rates by 1%.
- Increased acceptance rates by 8%.
Powerful tools for crypto exchanges
Account Takeover Protection provides a flexible platform that identifies suspicious activity based on behavioral biometrics, email, device, communications, and other predictive attributes. With these indicators, you can identify and block not only traditional account takeover fraud but also fake account creation, loyalty fraud, and other pre-transaction attacks.
Watch List Screening enables businesses to incorporate economic sanctions, counterterrorism, money laundering, and denied parties list screening in real time through a third-party consolidated verification service.2
Chargeback Management provided by Verifi, a Visa Solution, is an important step in the cycle of preventing fraud and perfecting controls. Knowing which chargebacks to dispute as well as how to dispute them requires specialized knowledge and skills. Verifi’s chargeback management increases the chances of winning costly chargeback disputes.
Decision Manager is Cybersource’s flagship fraud and risk management solution. It combines global identity and transaction data, fraud behavioral modeling, decades of payment and risk knowledge, and the integrity of Visa’s network. Its robust capabilities allow businesses to make transaction decisions using sophisticated machine learning models. In addition to AI-powered fraud prevention, Decision Manager houses a fully customizable rules engine, a case management system, analysis tools, and real-time reporting.
Payer Authentication deters unauthorized payment card use and protects against fraudulent chargebacks. It uses the EMV® 3-D Secure3 (3DS) protocol for authentication and leverages the 3DS server to provide multi-step authentication that turns away the riskiest attempts to buy crypto before issuers ever see the transaction.
Managed Risk Services brings together all the components of our Revenue Optimization Solution under a dedicated fraud expert. Our Managed Risk Analysts work to quickly understand your business’s unique needs while staying on the leading edge of cryptocurrency risks.
Start building a strong crypto strategy
As trailblazers in fraud prevention, Cybersource and Visa are experienced partners that enable innovation with powerful infrastructure and extensive data resources. Improve your fraud prevention performance and safely boost your DeFi adoption by partnering with Cybersource Revenue Optimization Solution for cryptocurrency.
1 Results calculated using internal data based on Decision Manager clients in North America during the January 2020 to November 2021. Results will vary based on factors including if client works with Cybersource Managed Risk Services and how client uses Decision Manager. Average cost to review a transaction for is $3. No reference to a business success is intended as an advertisement of advisory services. Each business experience is unique, so one business’ success does not guarantee the same success for any future business. Past performance does not guarantee or indicate future results. Regions vary by market maturity, each region has its own unique fraud, payment landscape and use of Decision Manager.
2 Subject to service terms of use.
3 EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.