Top 10 Fraud Detection Software for Marketplaces 2024

published on 12 May 2024

This article compares the top 10 fraud detection software solutions for online marketplaces in 2024. The key factors evaluated include:

  • Real-time monitoring to prevent fraudulent activities
  • Machine learning capabilities to improve fraud detection
  • Automated ID verification to ensure user authenticity
  • In-depth reporting and analytics on fraud trends
  • Flexibility to create customized fraud detection rules
  • Seamless integration with existing e-commerce systems
  • Reliability of financial guarantees against fraud losses
  • Global operation to support international transactions
  • User-friendly experience with minimal friction
  • Scalability to handle varying transaction volumes

Here's a quick comparison of the top solutions:

Software Real-time Monitoring Machine Learning Automated ID Verification In-depth Reporting Customizable Rules Easy Integration Financial Guarantee Global Operation
Signifyd ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Arkose Labs ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
NoFraud ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
DataDome ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Seon ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Riskified ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Sift ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Kount ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
ClearSale ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️
Prove ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️

The article provides an in-depth analysis of each solution's features, pros, cons, and suitability for different business sizes and transaction volumes.

1. Signifyd

Signifyd

Signifyd is a top fraud detection software solution that provides comprehensive protection for online marketplaces. It helps businesses prevent fraudulent activities, reduce chargebacks, and improve customer trust.

Real-time Monitoring

Signifyd's real-time monitoring feature tracks transactions as they occur, enabling swift identification and prevention of fraudulent activities. This feature is particularly useful for high-volume marketplaces where timely intervention is crucial.

Machine Learning

Signifyd's machine learning algorithms learn from historical data to accurately identify and prevent fraudulent transactions, reducing the risk of false positives and negatives.

Automated ID Verification

Signifyd's automated ID verification feature helps businesses verify the identities of customers, reducing the risk of fraudulent transactions.

In-depth Reporting

Signifyd provides in-depth reporting and analytics, enabling businesses to gain insights into fraudulent activities, identify trends, and optimize their fraud prevention strategies.

Integration Capability

Signifyd seamlessly integrates with existing systems, including e-commerce platforms, payment gateways, and order management systems.

Financial Guarantee

Signifyd offers a financial guarantee, ensuring that businesses are protected against fraudulent transactions.

Here's a summary of Signifyd's key features:

Feature Description
Real-time Monitoring Tracks transactions in real-time to prevent fraudulent activities
Machine Learning Learns from historical data to identify and prevent fraudulent transactions
Automated ID Verification Verifies customer identities to reduce fraudulent transactions
In-depth Reporting Provides insights into fraudulent activities and trends
Integration Capability Seamlessly integrates with existing systems
Financial Guarantee Protects businesses against fraudulent transactions

Overall, Signifyd is an effective fraud detection software solution that provides comprehensive protection for online marketplaces. Its advanced machine learning algorithms, real-time monitoring capabilities, and automated ID verification feature make it an ideal choice for businesses operating in high-risk industries.

2. Arkose Labs

Arkose Labs

Arkose Labs is a fraud detection software solution that provides comprehensive protection for online marketplaces. Here's an overview of its key features:

Real-time Monitoring

Arkose Labs tracks transactions and user activities in real-time to detect and prevent fraudulent behavior.

Machine Learning

The platform uses machine learning algorithms to learn from historical data and improve its fraud detection capabilities.

In-depth Reporting

Arkose Labs provides comprehensive reporting and analytics features, offering insights into fraudulent activities, trends, and patterns.

Integration Capability

The platform seamlessly integrates with existing systems, including e-commerce platforms, payment gateways, and order management systems.

Financial Guarantee

Arkose Labs offers a financial guarantee, protecting businesses against fraudulent transactions.

Global Operation

The platform operates globally, providing fraud detection services to online marketplaces worldwide.

User Experience

Arkose Labs prioritizes user experience, minimizing friction for legitimate users while accurately identifying and challenging suspicious activities.

Scalability

The platform is designed to scale effortlessly, accommodating the growth and evolving needs of online marketplaces.

Here's a summary of Arkose Labs' key features:

Feature Description
Real-time Monitoring Tracks transactions and user activities in real-time
Machine Learning Learns from historical data to improve fraud detection
In-depth Reporting Provides insights into fraudulent activities, trends, and patterns
Integration Capability Seamlessly integrates with existing systems
Financial Guarantee Protects businesses against fraudulent transactions
Global Operation Operates globally, providing fraud detection services worldwide
User Experience Minimizes friction for legitimate users
Scalability Scales effortlessly to accommodate growth and evolving needs

Overall, Arkose Labs is an effective fraud detection software solution that provides comprehensive protection for online marketplaces. Its advanced machine learning algorithms, real-time monitoring capabilities, and global operation make it an ideal choice for businesses operating in high-risk industries.

3. NoFraud

NoFraud

NoFraud is a fraud detection software solution designed to protect online marketplaces from fraudulent activities. Here's an overview of its key features:

Real-time Monitoring

NoFraud tracks transactions and user activities in real-time to detect and prevent fraudulent behavior.

Machine Learning

The platform uses machine learning algorithms to learn from historical data and improve its fraud detection capabilities.

Automated ID Verification

NoFraud provides automated ID verification, ensuring that users are who they claim to be.

In-depth Reporting

NoFraud offers comprehensive reporting and analytics features, providing insights into fraudulent activities, trends, and patterns.

Customizable Rulesets

The platform allows for customizable rulesets, enabling businesses to tailor their fraud detection settings to their specific needs.

Integration Capability

NoFraud seamlessly integrates with existing systems, including e-commerce platforms, payment gateways, and order management systems.

Financial Guarantee

NoFraud offers a financial guarantee, protecting businesses against fraudulent transactions.

Here's a summary of NoFraud's key features:

Feature Description
Real-time Monitoring Tracks transactions and user activities in real-time
Machine Learning Learns from historical data to improve fraud detection
Automated ID Verification Verifies user identities
In-depth Reporting Provides insights into fraudulent activities, trends, and patterns
Customizable Rulesets Allows for tailored fraud detection settings
Integration Capability Seamlessly integrates with existing systems
Financial Guarantee Protects businesses against fraudulent transactions

Overall, NoFraud is an effective fraud detection software solution that provides comprehensive protection for online marketplaces. Its advanced machine learning algorithms, real-time monitoring capabilities, and customizable rulesets make it an ideal choice for businesses operating in high-risk industries.

4. DataDome

DataDome

DataDome is a real-time bot management and fraud protection software designed to protect online marketplaces from fraudulent activities. Here's an overview of its key features:

Real-time Monitoring

DataDome tracks transactions and user activities in real-time to detect and prevent fraudulent behavior. Its algorithm analyzes billions of requests daily, providing strong protection against bot attacks and online fraud.

Machine Learning

The platform uses machine learning algorithms to learn from historical data and improve its fraud detection capabilities. This enables DataDome to detect and mitigate even the most sophisticated fraud attempts.

In-depth Reporting

DataDome offers comprehensive reporting and analytics features, providing insights into fraudulent activities, trends, and patterns. This enables businesses to make informed decisions and optimize their fraud prevention strategies.

Customizable Rulesets

The platform allows for customizable rulesets, enabling businesses to tailor their fraud detection settings to their specific needs.

Integration Capability

DataDome seamlessly integrates with existing systems, including e-commerce platforms, payment gateways, and order management systems.

Here's a summary of DataDome's key features:

Feature Description
Real-time Monitoring Tracks transactions and user activities in real-time
Machine Learning Learns from historical data to improve fraud detection
In-depth Reporting Provides insights into fraudulent activities, trends, and patterns
Customizable Rulesets Allows for tailored fraud detection settings
Integration Capability Seamlessly integrates with existing systems

Overall, DataDome is an effective fraud detection software solution that provides comprehensive protection for online marketplaces. Its advanced machine learning algorithms, real-time monitoring capabilities, and customizable rulesets make it a suitable choice for businesses operating in high-risk industries.

5. Seon

Seon

Seon is a fraud detection and prevention solution that helps businesses protect themselves from financial fraud. Here's an overview of its key features:

Real-time Monitoring

Seon searches for fraud patterns and behaviors in real-time, using data from digital accounts, social media, phone, email, and devices to add context to transactions.

Machine Learning

Seon's behavioral analytics use scoring algorithms and velocity parameters to identify fraudulent behavior. The platform also offers customizable risk scores, rules, and policies.

Automated ID Verification

Seon's AML KYC module ensures compliance with financial fraud bodies, providing an additional layer of security and verification.

In-depth Reporting

Seon offers extensive control over policy configuration, with suggestions based on historical business data. The platform also provides data enrichment based on contextual user information.

Here's a summary of Seon's key features:

Feature Description
Real-time Monitoring Detects fraud patterns and behaviors in real-time
Machine Learning Identifies fraudulent behavior through scoring algorithms and velocity parameters
Automated ID Verification Ensures compliance with financial fraud bodies through AML KYC module
In-depth Reporting Provides control over policy configuration and data enrichment

Pricing Options

Seon offers two pricing options:

Plan Features Price
Free Limited capabilities, 2000 API calls/month, 2 QPS, in-product support responses within 48 hours Free
Pro 4000 API calls/month, 10+ QPS, premium support services with responses within 24 hours $299/month

A free trial is also available.

Overall, Seon is a comprehensive fraud detection software solution that provides businesses with a robust approach to detecting and preventing financial fraud. Its advanced machine learning algorithms, real-time monitoring capabilities, and customizable rulesets make it a suitable choice for businesses operating in high-risk industries.

6. Riskified

Riskified

Riskified is a leading fraud prevention solution designed to protect online merchants from various types of fraud. This cloud-based platform helps drive eCommerce sales by approving orders that businesses would otherwise decline, while also allowing for the safe removal of payment restrictions and filters.

Real-time Monitoring and Machine Learning

Riskified's technology collects and analyzes data, using advanced machine learning models to detect fraud patterns and behaviors in real-time. The platform's self-optimizing models are trained on historical data to deliver accurate decisions.

Financial Guarantee and Integration Capability

Riskified offers a 100% chargeback guarantee, taking on fraud liability for every order approved by the platform. The solution seamlessly integrates with multiple eCommerce platforms and APIs, allowing merchants to submit all or a subset of orders for fraud review.

Key Features

Feature Description
Real-time Monitoring Detects fraud patterns and behaviors in real-time
Machine Learning Identifies fraudulent behavior through advanced algorithms
Financial Guarantee 100% chargeback guarantee for approved orders
Integration Capability Seamless integration with multiple eCommerce platforms and APIs

Overall, Riskified is a comprehensive fraud detection software solution that helps businesses prevent financial fraud. Its advanced machine learning algorithms, real-time monitoring capabilities, and financial guarantee make it a suitable choice for businesses operating in high-risk industries.

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7. Sift

Sift

Sift is a leader in Digital Trust & Safety, helping companies of all sizes to prevent fraud and abuse without limiting revenue. It uses machine learning technology and a global data network to identify fraud and abuse patterns.

Real-time Monitoring and Machine Learning

Sift's technology analyzes company data and fraud/abuse flags instantly, connecting thousands of clues to identify fraud and abuse. This results in less spam reaching users' inboxes.

Automated ID Verification and In-depth Reporting

Sift provides tools to minimize financial loss and brand damage from various fraud and abuse risks through one user-friendly portal. It offers features such as payment fraud, content abuse, promo abuse, and account abuse prevention. Additionally, Sift provides in-depth reporting to help businesses make informed decisions.

Customizable Rulesets and Integration Capability

Sift's solutions are highly customizable, allowing businesses to create and manage custom fraud policies relevant to their organization through an efficient dashboard. The platform seamlessly integrates with multiple eCommerce platforms and APIs, allowing merchants to submit all or a subset of orders for fraud review.

Here's a summary of Sift's key features:

Feature Description
Real-time Monitoring Detects fraud patterns and behaviors in real-time
Machine Learning Identifies fraudulent behavior through advanced algorithms
Automated ID Verification Minimizes financial loss and brand damage from fraud and abuse risks
In-depth Reporting Provides insights to help businesses make informed decisions
Customizable Rulesets Allows businesses to create and manage custom fraud policies
Integration Capability Seamlessly integrates with multiple eCommerce platforms and APIs

Overall, Sift is a comprehensive fraud detection software solution that helps businesses prevent financial fraud. Its advanced machine learning algorithms, real-time monitoring capabilities, and customizable rulesets make it a suitable choice for businesses operating in high-risk industries.

8. Kount

Kount

Kount is an e-commerce solution that detects fraud, prevents chargebacks, and reduces false positives. It's a suitable option for growing online retail businesses, focusing on e-commerce.

Chargeback Management and Risk Scoring

Kount identifies issues, enabling businesses to resolve complaints speedily within the dispute time limit. The software collects data, analyzes it in real-time, and assigns a risk score after comparing it to other data points. This feature enables businesses to make informed decisions about transactions.

Compliance Feature

Kount's compliance feature identifies and blocks known fraudsters on government watchlists. This feature ensures that businesses operate in a secure and compliant environment.

Here's a summary of Kount's key features:

Feature Description
Chargeback Management Resolves complaints within the dispute time limit
Risk Scoring Assigns a risk score to transactions based on real-time data analysis
Compliance Feature Blocks known fraudsters on government watchlists

Overall, Kount is a reliable fraud detection software solution that helps businesses prevent financial fraud and maintain a secure online environment. Its advanced risk scoring, chargeback management, and compliance features make it a suitable choice for e-commerce businesses.

9. ClearSale

ClearSale

ClearSale is a global business intelligence and risk prevention provider that offers comprehensive ecommerce fraud protection. It combines cutting-edge statistical technology with a large team of specialized fraud analysts to ensure accuracy in decision-making.

Real-time Monitoring and Machine Learning

ClearSale's fraud detection solutions use statistical algorithms and fraud analysts' reviews to flag suspicious orders in real-time. This approach helps businesses detect fraud accurately, prevent chargebacks, and approve more orders.

Financial Guarantee and Global Operation

Trusted by over 6,000 customers worldwide, ClearSale offers a chargeback guarantee, compensating for declined valid transactions or approved fraudulent ones. With a global presence, ClearSale helps businesses prevent fraud, recover losses, and eliminate false declines.

Here's a summary of ClearSale's key features:

Feature Description
Fraud Detection Combines statistical algorithms with fraud analysts' reviews
Financial Guarantee Offers chargeback guarantee for declined valid transactions or approved fraudulent ones
Global Operation Supports businesses worldwide, preventing fraud and recovering losses

Overall, ClearSale is a reliable fraud detection software solution that helps businesses prevent financial fraud and maintain a secure online environment.

10. Prove

Prove

Prove is a leading provider of fraud detection and prevention solutions. It offers a comprehensive suite of tools to help businesses protect themselves against fraudulent activities.

Machine Learning and Automated ID Verification

Prove's fraud detection solutions use machine learning algorithms to analyze user behavior and identify patterns in real-time. This approach helps businesses stay ahead of fraudsters and reduce the risk of fraudulent transactions. Additionally, Prove's automated ID verification process verifies user identities using advanced algorithms, reducing the risk of identity theft and fraud.

Here's a summary of Prove's key features:

Feature Description
Fraud Detection Analyzes user behavior and identifies patterns in real-time
Automated ID Verification Verifies user identities using advanced algorithms
Integration Capability Easily integrates with existing systems and infrastructure

Overall, Prove is a reliable fraud detection software solution that helps businesses prevent financial fraud and maintain a secure online environment.

Detailed Comparison

In this section, we will compare the features and capabilities of each fraud detection software in more detail. We will evaluate them based on the following key criteria:

Real-time Monitoring Efficiency

Software Real-time Monitoring Capability
Signifyd Tracks transactions and user activities in real-time
Arkose Labs Monitors transactions and user activities in real-time
NoFraud Tracks transactions and user activities in real-time
DataDome Analyzes billions of requests daily in real-time
Seon Searches for fraud patterns and behaviors in real-time
Riskified Detects fraud patterns and behaviors in real-time
Sift Analyzes company data and fraud/abuse flags instantly
Kount Identifies issues and resolves complaints speedily
ClearSale Combines statistical algorithms with fraud analysts' reviews
Prove Analyzes user behavior and identifies patterns in real-time

Sophistication of Machine Learning Algorithms

Software Machine Learning Algorithm Sophistication
Signifyd Learns from historical data to improve fraud detection
Arkose Labs Uses machine learning algorithms to learn from historical data
NoFraud Learns from historical data to improve fraud detection
DataDome Uses machine learning algorithms to detect and mitigate fraud
Seon Uses scoring algorithms and velocity parameters to identify fraud
Riskified Uses advanced machine learning models to detect fraud
Sift Connects thousands of clues to identify fraud and abuse
Kount Assigns a risk score to transactions based on real-time data analysis
ClearSale Combines statistical algorithms with fraud analysts' reviews
Prove Analyzes user behavior and identifies patterns in real-time

Accuracy in Automated ID Verification

Software Automated ID Verification Accuracy
Signifyd Verifies customer identities to reduce fraudulent transactions
Arkose Labs Verifies user identities through automated ID verification
NoFraud Provides automated ID verification to ensure user authenticity
DataDome Does not provide automated ID verification
Seon Ensures compliance with financial fraud bodies through AML KYC module
Riskified Does not provide automated ID verification
Sift Minimizes financial loss and brand damage from fraud and abuse risks
Kount Identifies and blocks known fraudsters on government watchlists
ClearSale Verifies user identities using advanced algorithms
Prove Verifies user identities using advanced algorithms

Depth of Reporting

Software Reporting Capabilities
Signifyd Provides in-depth reporting and analytics features
Arkose Labs Offers comprehensive reporting and analytics features
NoFraud Provides in-depth reporting and analytics features
DataDome Offers comprehensive reporting and analytics features
Seon Provides control over policy configuration and data enrichment
Riskified Offers in-depth reporting and analytics features
Sift Provides in-depth reporting and analytics features
Kount Identifies issues and resolves complaints speedily
ClearSale Offers comprehensive reporting and analytics features
Prove Provides in-depth reporting and analytics features

Flexibility of Rulesets

Software Ruleset Flexibility
Signifyd Allows for customizable rulesets
Arkose Labs Allows for customizable rulesets
NoFraud Allows for customizable rulesets
DataDome Allows for customizable rulesets
Seon Allows for customizable rulesets
Riskified Allows for customizable rulesets
Sift Allows for customizable rulesets
Kount Assigns a risk score to transactions based on real-time data analysis
ClearSale Allows for customizable rulesets
Prove Allows for customizable rulesets

Ease of Integration with Major E-commerce Platforms

Software Integration Capability
Signifyd Seamlessly integrates with existing systems
Arkose Labs Seamlessly integrates with existing systems
NoFraud Seamlessly integrates with existing systems
DataDome Seamlessly integrates with existing systems
Seon Seamlessly integrates with existing systems
Riskified Seamlessly integrates with existing systems
Sift Seamlessly integrates with existing systems
Kount Seamlessly integrates with existing systems
ClearSale Seamlessly integrates with existing systems
Prove Seamlessly integrates with existing systems

Reliability of Financial Guarantees Against Fraud

Software Financial Guarantee Policy
Signifyd Offers a financial guarantee
Arkose Labs Offers a financial guarantee
NoFraud Offers a financial guarantee
DataDome Does not offer a financial guarantee
Seon Offers a 100% chargeback guarantee
Riskified Offers a 100% chargeback guarantee
Sift Offers a financial guarantee
Kount Offers a financial guarantee
ClearSale Offers a chargeback guarantee
Prove Offers a financial guarantee

Capability to Operate Globally

Software Global Operation Capability
Signifyd Operates globally
Arkose Labs Operates globally
NoFraud Operates globally
DataDome Operates globally
Seon Operates globally
Riskified Operates globally
Sift Operates globally
Kount Operates globally
ClearSale Operates globally
Prove Operates globally

User Experience Smoothness

Software User Experience
Signifyd Offers a user-friendly interface
Arkose Labs Offers a user-friendly interface
NoFraud Offers a user-friendly interface
DataDome Offers a user-friendly interface
Seon Offers a user-friendly interface
Riskified Offers a user-friendly interface
Sift Offers a user-friendly interface
Kount Offers a user-friendly interface
ClearSale Offers a user-friendly interface
Prove Offers a user-friendly interface

Scalability to Handle Varying Transaction Volumes

Software Scalability
Signifyd Handles varying transaction volumes
Arkose Labs Handles varying transaction volumes
NoFraud Handles varying transaction volumes
DataDome Handles varying transaction volumes
Seon Handles varying transaction volumes
Riskified Handles varying transaction volumes
Sift Handles varying transaction volumes
Kount Handles varying transaction volumes
ClearSale Handles varying transaction volumes
Prove Handles varying transaction volumes

By evaluating each fraud detection software based on these key criteria, we can provide a comprehensive comparison of their features, capabilities, and effectiveness in preventing fraud and protecting online marketplaces.

Pros and Cons

Here, we summarize the strengths and weaknesses of each fraud detection software, highlighting unique features and potential limitations. A comparison table is provided to offer a clear visual representation of the pros and cons for each software.

Signifyd

Pros Cons
In-depth reporting and analytics No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

Arkose Labs

Pros Cons
Real-time monitoring No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

NoFraud

Pros Cons
Real-time monitoring No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

DataDome

Pros Cons
Real-time analysis of billions of requests No automated ID verification or financial guarantee
Global operation
Handles varying transaction volumes

Seon

Pros Cons
Real-time fraud pattern detection No automated ID verification
100% chargeback guarantee
Global operation
Handles varying transaction volumes

Riskified

Pros Cons
Real-time fraud detection No automated ID verification
100% chargeback guarantee
Global operation
Handles varying transaction volumes

Sift

Pros Cons
Instant fraud/abuse flagging No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

Kount

Pros Cons
Fast issue resolution No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

ClearSale

Pros Cons
Statistical algorithm and fraud analyst review No automated ID verification
Chargeback guarantee
Global operation
Handles varying transaction volumes

Prove

Pros Cons
Real-time user behavior analysis No automated ID verification
Financial guarantee
Global operation
Handles varying transaction volumes

By evaluating each fraud detection software based on their pros and cons, we can provide a comprehensive comparison of their features, capabilities, and effectiveness in preventing fraud and protecting online marketplaces.

Final Thoughts

When choosing a fraud detection solution for your online marketplace, consider your specific business needs, transaction volumes, and risk tolerance. The solutions highlighted in this article offer robust features and capabilities to combat fraud effectively.

Suitable Options for Small to Medium-Sized Marketplaces

For small to medium-sized marketplaces with moderate transaction volumes, solutions like Seon, Riskified, or Sift may be suitable options. They provide:

Feature Description
Real-time Fraud Detection Identify fraudulent activities instantly
Chargeback Guarantee Protection against financial losses
Global Coverage Support for international transactions

Enterprise-Grade Solutions for Large Marketplaces

Larger enterprises and high-volume marketplaces may benefit from enterprise-grade solutions like Signifyd, Arkose Labs, or ClearSale. These platforms offer:

Feature Description
In-Depth Reporting and Analytics Detailed insights into fraudulent activities
Financial Guarantee Protection against financial losses
Scalability Support for high transaction volumes

Choosing the Right Solution

Ultimately, the decision should be based on a thorough evaluation of each solution's features, pricing, and alignment with your specific fraud prevention requirements. It's advisable to conduct a trial or proof-of-concept with the shortlisted solutions to assess their performance and integration within your existing systems.

By implementing the right fraud detection software, online marketplaces can safeguard their operations, protect their customers, and maintain a trustworthy reputation in the ever-evolving landscape of e-commerce fraud.

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