how to limit the risk of fraud and expect non -payments?

Daily fraud and chargeback rates are major concerns for e-commerce businesses. The latter must control these popular rates to limit losses on their turnover. However, with the many existing fraud strategies and with the ever -increasing number of outstanding payments (especially due to the health situation that has affected many organizations whose solvency has collapsed), it is not really easy to fight the two plagues that ito.

This is a problem that can help with dealing with application programming interfaces (APIs). They make it possible to detect incorrect login information (in real time), to verify the identity of its contacts and their IBAN. These are all factors that work to limit and control these financial risks.

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Discover incorrect information once it has been collected

To avoid any risk of fraud or non-payment, it is advisable to have a reliable and verified database. For this, the data entered must be checked once they have been entered to protect against any risk of misinformation. To achieve this, the IDAIA Group set up an API Data Store. This API catalog makes available the company’s support services, its expertise in international data verification, as well as its data capital, which is rich in complete companies in France and 47 million individuals.

On the platform, the group offers the Company API, which controls the existence of an establishment in France. In the case of a registration form, the API pre-fills in all the fields of verified information, coming from the IDAIA group data capital. The customer must complete only two input fields, the company name and the postal code.

In this sense, a company avoids misinformation or input errors. This makes it possible to obtain a reliable database, also aided by a phone number, e-mail or IBAN verification API, which is useful in B2B and B2C. They are great allies in eliminating misinformation and thus reducing financial risks.

Check the identity of your contacts

Online, one of the major issues of recent years has been the fight against fraud. To deal with this, it is necessary to control the identity of its customers and prospects from their first contact with its company. This not only helps to establish a peaceful commercial relationship, but also to make its database more reliable.

However, verifying each piece of information can take a lot of time. For this reason, it’s smart to automate these checks, especially thanks to the individual verification API, to block false identities and reduce the processing costs of litigation procedures for your company.

Avoid any financial risk

During this time of economic and health crisis, some companies have weakened. Some of them have to deal with declining turnover or accumulating financial debts. The Data Store API alert API is an essential tool that allows you to be notified almost in real time of important movements that have occurred with your customers, prospects and partners. This way, the risks of default and non -payment can be prevented.

However, it is recommended to find out about the financial health of your prospects before entering into a contract, which is made possible using the Financial Data API. A company can retrieve in real time and from its own information systems their key performance indicators (KPIs) from IDAIA Group’s data capital. In particular, key financial indicators such as turnover, operating income, financial debts, outstanding customers are accessible, but also financial scores, default scores as well as scored transfer. It offers a general overview of a BtoB prospect’s health before entering into a contractual relationship with him or her.

Fight online bank transfer and direct debit fraud

According to a 2020 study conducted by PWC, the financial auditing specialist, one in two French companies has been the victim of transfer fraud in the past twenty-four months. Rising statistics are driving e-commerce companies to automate the control of IBANs at the time of collection to better control the risk of fraud, specifically thanks to the Data Store API’s SEPAmail API. This API is based on the payment security service “SEPAmail diamond”, an interbank network created in 2008 to combat transfer fraud.

This solution alerts a company in the event of entry errors detected in an IBAN, such as an inconsistency in its example structure, and in the event that the bank account does not exist. That is, the bank details do not match the declared account holder. This makes it possible to block transfers immediately, control losses and save time in litigation and administrative procedures.

Finally, with a few clicks, it is possible to access all the APIs and services offered by the API Data Store. To facilitate their use, developers can test them from a free sandbox. They will have complete autonomy thanks to the swagger documentation, which will guide them throughout the process. To discover all the benefits that APIs offer, feel free to browse the API Data Store.

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