So, any payment attempt is systematically accompanied by an authorization request to the cardholder’s bank.
This allows you to control the nature of the card, and its validity date and also verifies that it has not been reported as stolen.
The payment process also goes through 3DS authentication. 3DS enables an extra layer of security.
Lyra also offers an advanced risk management module with which it is possible to,
Minimize the risks by rejecting fraudulent transactions
Add controls in case of suspected fraud.
Define preventive actions for risk control.
With filters to define/declare preventive actions based on the risk levels, Lyra’s advanced risk management module offers a flexible and customizable service without affecting your sales.
You can also adopt rules based on the profile of your customers and the transactions carried out per month.
Lyra’s different back-office tools also help merchants to fight against fraud. Merchant can fine-tune the controls depending on the type, and origin use of cards, categorized as follows,
Card controls: identification of cards with systematic authorization, electronic debit cards and commercial cards (cards issued by companies), control of the card number, and control of the BIN code.
Contextual controls: control of the IP address of the buyer, control of the issuing country of the means of payment, control of the country of the IP address, and control of consistency.
Uses of the cards: control of the financial amount. Note: The merchant can request an e-mail notification about these controls.
In conclusion, With Lyra’s anti-fraud component, learn how to receive international payments and achieve bulk transactions without affecting your conversion rate.
