“Running an eCommerce business comes with a lot of risks. Global eCommerce fraud has tripled between 2011 and 2020. It is expected to touch $40.62 billion by 2027, according to Merchant Savvy. Statistics show that 40% of customers who filed a chargeback will do it again in two months. Another report shows that fraudsters cost $12 billion loss to businesses in 2021.” As per Finances Online
In such instances, it is vital to have an efficient and trustworthy anti-fraud solution to monitor and analyze every eCommerce transaction. FUGU is an award-winning multi-tier self-learning fraud prevention solution that provides up to 60% reduction in false declines and chargebacks.
Let’s review the platform in this post and understand how it works to provide continuous risk analysis in real time throughout the multiple stages in the transaction lifetime.
FUGU is an Israel-based company that offers anti-fraud solutions for merchants and eCommerce business owners. The software helps merchants audit the post-checkout stage of each transaction and continuously track various transaction indicators until the shipment, to determine if the order/ customer is genuine. It allows business owners to safely accept transactions and decline fraudulent/ high-risk customers.
The company’s CEO says how his grandpa Moshe never rejected a customer. It was the last option for a businessman in an era without the internet. FUGU provides modern solutions to modern-day problems of growing fraud in the global market. The service automates fraud prevention management to continuously monitor the transactions far after the checkout stage up to the shipment, where the risk actually begins.
Why Use FUGU to Detect Transaction Frauds
FUGU is a 360-degree self-learning service developed exclusively to deal with the latest fraudulent methods affecting the eCommerce industry, business owners, and merchants. You don’t have to be stuck in the difficult position of annoying a potential customer with tedious requirements during the purchase process and be subject to the potential risk of accepting a fraudulent transaction. No more guesswork or making decisions based on a simple risk snapshot that may no longer be relevant at the transaction later stages and will not be sufficient for making the most educated risk assessment.
FUGU’s anti-fraud solution can be set up and integrated with your business systems in a few minutes. It is easy to use and highly effective in automating the approvals and declines of customer transactions.
The ‘efficiency test’ feature provides first-hand information about how the service can help your business. You can get a quantitative representation of the monetary value for the last 90 days to determine how much money to save using FUGU’s solution to analyze and streamline eCommerce transactions. The test report is generated based on the following factors:
- Refused payments- suspected orders canceled
- Missed payments- cart abandonment after entering payment details
- Lost payments- un-responded or lost chargebacks
Merchants don’t have to worry about approving dubious transactions or declining genuine ones based on guesswork. Increase your approvals while reducing the risk of chargebacks and improving customer satisfaction.
1.) Initial Risk Profiling
The risk level is calculated from the moment an order is placed on the website/ app. Each order is analyzed by the machine learning algorithm based on a range of factors.
2.) Monitoring Payments
The payments are continuously monitored to detect anomalies like higher transaction charges, credit/ debit card scans, customer interactions, and so on.
3.) KYC Automation
Customers’ KYC details are automatically verified to alert the merchant in case of discrepancies and mismatches. Age and address verifications are few examples of what can be verified in such process.
4.) Risk Scoring
The customers are evaluated for risk before the shipment is ready to minimize losses. This feature provides details about the customers’ interaction trail with a optional chargeback guarantee.
5.) Chargeback Management
The customers’ past data and records are automatically collected to help fight an unjust chargeback and win the case. FUGU increases the chances of winning a chargeback case by 40%.
Who Can Use FUGU?
FUGU is a must-have anti-fraud software for every eCommerce and retail business whether selling online exclusively or as part of an omnichannel strategy. It can be used by startups and large businesses.
✓ Integrate with Shopify Store
✓ Works with all eCommerce platforms
✓ Suitable for payment service providers (PSP’s)
✓ Casinos, exchanges, and investment platforms
✓ WooCommerce and Bigcommerce fraud detection & prevention plug-ins
✓ Magneto and Wix fraud prevention & detection plug-ins
✓ API integration for large-scale businesses
What do We like?
▪ Great automation feature
▪ Excellent customer service
▪ Efficiency test to analyze business’s potential value
▪ Flexible and cost-effective pricing
▪ Easy to set up and use
▪ Good accuracy in flagging fraud transactions
▪ Activity monitoring for risk through the transaction lifetime
What Could be Better
- It can be a little confusing to understand the terminology
Contact Fugu team via email if you have any questions regarding pricing or need any help regarding product setup
FUGU was founded in 2018 and has been helping businesses/ merchants streamline transactions to detect and prevent fraud. The company has clients from different countries and industries regularly updates the service to make it more accurate. The machine learning algorithm is fine-tuned to empower merchants to make better decisions.
It is a SaaS company with reliable customer service and client training. The team provides onboarding services through videos, webinars, documentation, online live, and in-person training. FUGU is a complete solution to manage your various transaction risk related aspects.