UnFraud – trendsetting security from Italy

UnFraud is a young enterprise with head offices in Rome and Milan that has as its objective the protection of online retailers.

Almost everything happens online these days. Just think, for example; where do you buy plane tickets, when you fly in the holidays? Where do you buy concert tickets, when you want to see a band live? And where do you buy most of your clothes? And where do you buy books? The majority would certainly answer this question with “Online”. In our stressful everyday life it’s much easier to go on Amazon from our Smartphone, while seated comfortably on the couch in the evening, and with a few clicks to buy books which will conveniently be delivered directly to our house. For customers it’s certainly the easiest and nicest way to get hold of what they want. In order to ensure this convenience for customers, nowadays on the internet there are countless providers who offer their various products and services online and around the globe. But who actually protects these online retailers who unquestioningly offer all possible payment methods, and ship their products globally?

There are fraudsters everywhere. More than anywhere else, they lurk on the internet, to get at users‘ data. Often these organised hacker groups steals identities on the internet in order to make online purchases with them. The account will subsequently be sent to the real customer, whose information was misused. For the customer this is certainly irritating and shocking at first. But the consequences for the online retailers are worse. They ship the product believing that the product has been paid for, and that the customer has made the purchase himself. When the customer reports the fraud, the retailer is usually obligated to refund the money, but the product is gone. These are losses which the retailer has to suffer, unless they attempt to protect themselves from fraudsters. And that’s when UnFraud comes into the picture.

UnFraud helps companies with orders, in that through an appropriate program, fraudulent orders are recognised and filtered out ahead of time. Since such fraudulent orders do not come about, the company’s income will improve. At the same time, the security in international markets is also improved.

 

The three pillars

The UnFraud enterprise is based on three main pillars:

FAST – the program acts quickly and blocks fraudulent orders before they can be approved.

SMART – through the relevant program, certain fraudulent patterns are recognised as soon as they come into existence. Because the attackers almost always proceed according to a certain pattern, this pattern is identified in good time and the company is warned to take a closer look at the relevant order.

EFFECTIVE – revenue is improved again, since the loss of goods is prevented. At the same time, the company does not have to deal with any more reversals due to stolen credit cards or identity theft.

 

Simple to use at any time

Logo

A tailor-made solution is offered for each individual company. Exactly what that will look like will be decided by the interested company together with UnFraud.

In this respect the approach is always the same:

 

  1. A customer first purchases an item through the online retailer

 

  1. UnFraud immediately analyses the purchase information

 

  1. Suspicious orders are filtered out immediately

 

  1. The entire analysis functions at all times ( 24h / 7 days a week)

 

UnFraud is constantly working to develop new products which are tailored towards clients‘ needs. Thanks to the different technologies, it is possible to analyse data and obtain information with which online business can be improved.

 

The four technologies

There is currently a total of four technologies:

UnFraud Aiko: Artificial-Intelligence-as-a-service (in short: AIaaS). Through this technology, advanced artificial intelligence technologies can be employed in order to create customised solutions for a company.

UnFraud BeA: Behavior analysis. The technology collects all the behaviour data (number of clicks, social network usage, speed, etc.) of an active user on a website. The purchasing behaviour of a user will be analysed accordingly, and thus potential fraud or fraudulent behaviour is recognised.

UnFraud BioLa: for bioinformatics and computational biology. The technique is being developed in order to analyse genetic diseases through various environmental and developmental conditions. This technology is only available for the software “On premise”.

UnFraud RosSy: The recommendation system generates a special profile for a user through the collection of various data, such as e.g. the behaviour or the most clicked objects on a website. This technology is of interest primarily for online retailers, because through it the revenue should be improved. Large online companies like Amazon and Netflix are able to filter out the most suitable products and offer them to a customer. If the behaviour of a user is analysed, the products which a user is interested in can be filtered out accurately, and the retailer can thus suggest to him similar products which match his user behaviour.

The young start-up was founded in 2014. Since the founding, the young enterprise looks back on multiple investments and major operations. Nevertheless, the product is constantly being developed further, in order to find the best possible solution for each client. The company currently has a total of six staff members.

The company offers solutions for different sectors, such as e-commerce, video & music streaming, airlines, online gaming, telephone operator and payment systems. UnFraud designs a suitable solution for each individual enterprise.

 

Summary of CeBIT

UnFraud say themselves that CeBIT was very successful for the company. They were very enthusiastic about the organising of the exhibition. Mattia Panico, business developer manager at UnFraud, says that they came in contact with many clients, investors and VC-companies there. Even members of government from Germany and Italy came over to the stand personally to congratulate the enterprise on the innovation of the product. Overall, they learned a lot at the exhibition, and the week was worth it anyway due to plenty of positive feedback and many prospective customers. Since they are certain that next year it will be just as profitable for the enterprise, they planned straight away to take part in CeBIT in 2017 too.

“I’m certain it can be said that a week at CeBIT is worth more than a normal working month,” says Mattia Panico.

Do you want to find out more about UnFraud? If so, feel free to visit the company’s Website.

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