A look into how important fraud prevention is and how fraud data can be useful.

Source: Artificial Intelligence on Medium

A look into how important fraud prevention is and how fraud data can be useful.

Online frauds have always been a challenge to businesses in the online market, be it payment fraud or identity fraud or of course the synthetic identity fraud, online frauds have constantly been growing and advancing through time. The most common types of online frauds are phishing, spoofing, payment fraud, synthetic identity fraud and there’s probably no end to the list of the growing plethora of sophisticated frauds. Every day, there has been a large number of developments in efficient fraud detection systems to predict fraud strategies, discover and reveal new frauds and maneuver innovative fraud techniques. Fraud techniques and fraud data, both are essential items into developing an effective system of fraud detection and prevention strategies. Today, businesses are adapting to a new form of data analytics called machine learning which provides a system for preventing and detecting fraud based on predictive analysis.

Additional reading https://medium.com/@trustcheckr/fraud-detection-in-fintech-how-to-detect-and-prevent-frauds-in-the-lending-industry-f6f762765b33

How does it work?

To speak in a nutshell about how machine learning helps in fraud detection and prevention, the key element to note here is data. As Clive Humby, the cofounder of Dunnhumby quotes “Data is the new oil.” Fraud detection and prevention works by machine learning which applies predictive and adaptive analytics. It runs on a continuous cycle of collecting, closely monitoring, applying statistical techniques and refreshing data.

Enormous data generation and the availability of various datasets relating to a variety of crucial criterion is the key to developing effective machine learning models which work on real time transaction monitoring, identification of abnormal activities and tracing of fraudulent identities. So, the key to developing investigative analysis workflow models and deploying efficient security techniques is data, today’s data markets hold most of the important data we need in order to do the above. Most cybersecurity firms these days specialize in collecting data from various fields and developing effective fraud detection techniques to be incorporated in businesses.

How can TrustCheckr help with building a foolproof fraud detection system?

TrustCheckr runs on supervised machine learning, collecting data from various sources like social networks and implementing a robust set of machine learning models based on predictive and adaptive analytics. We understand our customers’ concerns and work accordingly to deliver advanced machine learning algorithms which detect fraud real time and discover new irregularities and areas of interest. We work on delivering the right fraud detection system at the best costs, considering in mind the need to optimize costs on fraud detection and get the best out of it.

Along with fraud prevention and detection, we also specialize in delivering efficient machine learning algorithms in understanding target audience, strategic segmentation and clear understanding of customer mindsets. We aim at delivering effective tools to ensure more personalized, pertinent and profitable customer experiences.

Visit https://home.trustcheckr.com/ to book yourself a demo session.