If you are an IT pro at a company — especially an e-commerce company — that already uses AWS, you should be aware of a new service that can protect your business. Amazon Fraud Detector, originally announced at re:Invent 2019 when it was released into preview, is now generally available.
What is Amazon Fraud Detector?
For businesses of all sizes, online payment frauds are a constant threat. Amazon Fraud Detector helps your business spot fraudulent activities on your website before payments are processed and orders are fulfilled. You begin by creating and uploading your own fraud detection model. Don’t worry if you are not a programmer or coder. Amazon makes it simple to create a fraud detection model with just a few clicks from easy-to-navigate menus that offer an array of functions and features. After you do that, AWS takes over. Using machine learning that constantly learns from your data, and leveraging Amazon’s decades of fraud-detection expertise, Amazon Fraud Detector looks for fraudulent online activity such as payments from stolen credit cards. It also can tell the difference between legitimate new customers and scammers trying to create fake accounts. For companies that allow guest checkout orders, Amazon Fraud Detector gives you immediate insight into the customer’s potential fraud risk by analyzing just a few scraps of data, such as email address and IP address. Amazon says the service can also evaluate risks of customers most likely to abuse “try before you buy” or loyalty programs.
Machine learning algorithms have been successful in spotting online fraud. But very companies have the IT firepower to create their own ML algorithms from scratch. Amazon says with Amazon Fraud Detector, a company can have a robust fraud-detection model “deployed in minutes instead of months.”
More information and pricing
For more information on how the service works and how to build a fraud detection model, click here. For pricing information, click here.
Featured image: Shutterstock
