Types of Fraud Covery Prevents

Covery Blog / Covery / Types of Fraud Covery Prevents

Types of Fraud Covery Prevents

47% of nearly 5,000 respondents of PwC’s Global Economic Crime and Fraud Survey 2020 told they had experienced fraud in the past 24 months, which cost $42 billion.
In the past 20 years, it is the second-highest reported level of fraud incidents.
About 13% of respondents reported losing more than $50 million across all incidents.
More or less, companies reportedly experienced 6 massive incidents in the last 24 months.

According to the survey, the top 4 types of fraud are:

  • customer fraud
  • cybercrime
  • asset misappropriation
  • bribery and corruption

Top 5 costliest fraud are:

  • antitrust
  • insider trading
  • tax fraud
  • money laundering
  • bribery and corruption

Thankfully, almost 40% of respondents said they plan to increase their spend on fraud prevention in the next two years.*

Any industry encounters typical fraud schemes and types.
Covery has solutions and products that successfully solve them.

Device Fingerprinting Technology 

100% efficient Device Fingerprinting Technology designed by Covery. 
Implement this technology and secure yourself from:

  • bot attacks 
  • fraudulent traffic
  • application fraud
  • account takeovers
  • identity thefts
  • credit card and CNP fraud

Device Screening 

Combination of Device Fingerprinting Technology with AI risk assessment tool that gives a reputation of a specific Device, its geolocation, and a reason with fraud triggers:

  • Proxy 
  • Device emulation 
  • Browser usage: Tor +
  • Installed plugins: AdBlock +
  • Not valid country 
  • and many others

IP Screening 

This solution combines the AI risk assessment tool + our global database Trustchain with 300+ million reputation records. 
It provides you a reputation of IP with a specific reason (the same as for Device Screening) and devices we saw it before. 
IP Screening solution in connection with other Covery solutions helps to avoid:

  • identity thefts
  • account takeovers
  • device emulation

Card ID generation 

Card ID generation technology is one of our unique products that helps to spot previously seen credit cards without storing their PAN numbers. 
Our secure PCI DSS level 1 storage will make this happen. 
Unique Card ID allows to: 

  • get the reputation of cards on the private, industry, or global scale (inside Trustchain), 
  • spot the correlation between card users, devices, accounts, identifiers, 
  • spot countries of card usage with 100% efficiency.

KYC & AML screening 

We confirm your AML safety & compliance with all the regulatory standards with ongoing monitoring of users through the International PEPs, sanctions, and other lists. 
KYC and AML screening secure business from almost all types of money laundering:

  • SEPA Credit Transfer and Direct Debit fraud
  • Payment fraud
  • Identity theft, age fraud, and fake IDs
  • Credit card fraud
  • PEPs, sanction, and other watchlists


A global knowledge database that stores 300M reputation records of various user identifiers without linking them to each other to protect PII from improper usage according to the GDPR policies. 

While using Trustchain business can cut down the number of bots and fraudsters up to 40% having just reputation records of 12 user identifiers: 
Email, Card ID, Phone, IP, Email domain, System account ID, Device fingerprint, Device ID, Entity ID, Person ID, IBAN, SWIFT. 

In any industry, fraud directly leads to huge losses.
Each day fraud schemes evolve. 
Fraudsters become more and more sophisticated in their methods.
However, Covery is ready to detect and prevent any fraud in any industry.

We’ve already analyzed 5 billion user actions, prevented 80 million bot attacks attempt, and 250 million risky actions.
Covery team has 5+ years of experience in fraud prevention and risk assessment.

Have questions? Contact us.

* PwC’s Global Economic Crime and Fraud Survey 2020