4 Smart Ways Technology can identify and Stop Fraud
Frauds have existed since the time civilization has existed. With changes in technology, smart people have changed the techniques of frauds as well. With increased attacks on systems, the budgets for cybersecurity strategy and preventive measures have also gone up. There are smart ways to use the latest technology to prevent frauds from happening. Some of these are:
- Artificial intelligence and big data analytics are two significant tools that are being used in identifying and stopping frauds. Trends and patterns emerge in transactions and inventories with data analysis. The AI and experts are able to detect the changes in these patterns and trends even if the anomaly is small enough to escape the human This helps them to follow the change and see if any fraudulent activity is being attempted and can be thwarted in the bud itself.
- Banks and financial institutions and other companies also are using data mining and multilevel tools, to identify any wrongdoing in the processes. They can detect the fraudulent intent in the various processes through the visualization techniques.
- Companies are adopting stronger identity verification at every level. Not only banks, now almost all companies are restricting access to sensitive and financial information and with specialised video identity verification, but people can also heave a sigh of relief that their accounts and information are safe and protected. At least until the criminals find a way to bypass this advanced tool also.
- Smart agent systems are being used. They learn from past patterns and embedded information. They use a fuzzy logic and can prevent a new challenge based on new learnings and adaptive learning.
With new technology come new challenges, but the human mind has never given up. We have advanced technology to help us in our pursuit of knowledge. The new age systems are smarter than ever before and can help in the prevention of crimes and frauds even before these are attempted. The trick lies in the smart use of technology and keeping the system updated.…