We live in a digital world, but as consumers and businesses embrace the convenience, speed, and other benefits of going digital, we are becoming more vulnerable to the dark side of the internet: fraud. Consumers’ enthusiasm for digital content and e-commerce is built on a foundation of trust.
Defending against modern-day fraud
When it comes to fighting fraud, technology should be a company’s first line of defense. According to research, fraud detection bots are powered by fraud identification filters, algorithms, and knowledge management databases that can react quickly – in less than a second – and notify businesses of millions of cyber-attacks and suspicious activities. However, bots alone will not suffice. They’re pretty good at detecting fraud, but they’re not perfect.
Stopping fraud in its tracks
Preventing fraud-related issues is a continuous process for brands, one that requires a mix of human intervention and technology tools as technology evolves and cybercriminals become more sophisticated. At the same time, consumers want secure transactions without having to go through extra hoops. Businesses are now faced with a new challenge: how to improve security without complicating the customer experience.
Fighting fraud is a difficult task, but it is possible if companies take the necessary precautions and steps. Investing in technology that can stop malicious bots and other automated attacks, as well as AI and machine learning, are two examples. Perhaps most importantly, they must dedicate an independent fraud prevention team – which includes human investigators – to this effort. All of this may appear to be a large undertaking, but it is well worth the time and money. Companies are protected from fraud by having a fraud prevention strategy and infrastructure in place, and consumers are more confident in doing business with them. It’s a win-win situation. Contact Cegura Technologies to know more about our services.
