Velocity Checks are fraud prevention tools that monitor the frequency, volume, and patterns of transactions over specific time periods to identify potentially fraudulent activity. These checks help detect unusual behavior that may indicate fraud.
Key Metrics
- Transaction frequency
- Amount thresholds
- Time intervals
- Usage patterns
- Geographic spread
Monitored Elements
- Card usage
- Login attempts
- Purchase patterns
- IP addresses
- Device identifiers
Detection Capabilities
- Rapid transactions
- Multiple attempts
- Pattern changes
- Location switches
- Amount variations
Implementation Areas
- Payment processing
- Account access
- Authentication
- Order placement
- User registration
Best Practices
- Dynamic thresholds
- Real-time monitoring
- Pattern analysis
- Alert systems
- Regular updates
Velocity Checks are essential tools in modern fraud prevention systems, helping identify and prevent fraudulent activities through pattern recognition.