Offerpal Media Adds Fraud Detection to Make Virtual Currency Safer

Sure, virtual currency seems to be the way to go for publishers and developers seeking to earn additional revenue for their sites and products. But when it comes to security, all the kinks have yet to be worked out. Reliant on an entirely virtual marketplace, virtual currency and their respective goods can be tricky to track at times.

Offerpal Media, the offer-based payment platform, has created OfferpalSECURE as a suite of security and fraud prevention services for gaming communities and social applications in order to reduce and eliminate virtual currency fraud. OfferpalSECURE has automated and manual fraud monitoring systems, reducing fraud by a reported 60% based on testing Offerpal has conducted. All Offerpal customers now have the OfferpalSECURE features included at no additional charge.

So how does virtual currency fraud even occur? One way is through player-to-player transactions, which can remain an unchecked trade and is often done at your own risk. There’s also the risk of scammers that may find new ways in which to game a virtual economy thanks to the fact that virtual goods is still a growing form of revenue-generation, especially in the socially-integrated realm of social networks such as Facebook. And the potential for danger doesn’t affect players alone. Publishers are at risk of falling victim to fraudulent behavior as well, if their system is hacked.

Offerpal hasn’t gone into much detail regarding the ways in which its security prevention occurs but I imagine a certain amount of behavior tracking lends itself to some of Offerpal’s automated features, with manual options to supplement the automated features as well as override any fraudulent behavior that may be detected or reported otherwise.

Having launched in 2007, Offerpal’s offer-based payment platform has been around long enough to gain a substantial amount of data for certain behavior markers when it comes to virtual currencies in the socially integrated realm. Building on this existing data, Offerpal puts itself in a more viable position to extend its existing offerings by layering in additional security measure. $15 million in funding earlier this year has also enabled Offerpal to vastly expand its offerings.

Others still are looking towards other methods for minimizing security issues, by turning to alternative payment methods. Boku is one mobile payment platform looking to set itself up as a standard for mobile payments as a way to decrease security issues, while Gaia teamed up with mobile payment platform Zong for similar purposes.