As globalization, rapid expansion and newer economies are opening, businesses are incorporating advanced technologies to stay ahead. However, with this growth comes the vulnerability to expose itself to a multitude of risks such as fraud if intelligent risk prevention, detection, and assessment technologies are not applied.
According to the Association of Certified Fraud Examiners (ACFE), globally, firms tend to lose 5% of their gross revenue each year due to fraud. The body also claimed that it examined 2,504 cases of fraud from the companies to pip the number to more than $3.6 billion. With strict economic limitations, this loss is significant. However, the price of fraud is more than the dollars. Businesses must deal with a large amount of public scrutiny and regulatory investigations that can lead to a reputational nightmare.
So how can businesses ensure that a strong, trustworthy fraud prevention infrastructure acts as the safety net? By employing a
While it is important to identify, analyze and evaluate risks, risk identification is the most crucial. Understanding the business’ digital ecosystem to pinpoint high-risk areas, evaluating the fraud mitigation provided by present technologies, and ensuring that we create a data framework.
The backbone of any fraud prevention technology is a strong automated system that is driven by a powerful AI that feeds from Machine Learning to learn fraud patterns from the assessment data and recognizes any peculiar and similar patterns in real-time.
Once the AI-ML system identifies the fraudulent pattern, it flags the human. The automated system continuously learns from various fraudulent patterns and strengthens itself from future attacks.
While a trustworthy AI-ML driven system is key, businesses also strive for a seamless user experience. Today, more than ever, consumers look upon the internet business for services and products, so it is imperative for these to deliver a smooth user experience. An intelligent fraud management system runs in the background and in harmony with a clean user experience. Not only user experiences but also growing business models. The fraud prevention system also needs to be intelligent enough to adapt to evolving business models to ensure that the business is fraud- as well as future-proof.
Would you like to know how Celusion can help your business evolve while being safe from fraudulent attacks? Simply get in touch with us at firstname.lastname@example.org