Technologies to Combat Fraud

  • 6th Jan'22
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The growing complexity of sponsored terrorism, professional criminals, and the rising criminals are becoming increasingly difficult to understand, track, detect and prevent. Fraud detection in today's world involves a comprehensive approach to matching data points with activity to find anomalies. Hence, it is essential to be aware of these changing approaches to playing the system. Therefore, newer technology has been developed to combat fraud to predict conventional tactics, discover new schemes, and crack increasingly sophisticated organized fraud rings. All these instructional design and technology can help companies to understand how to combat fraud.

The technologies involve more than a formal analysis, and it uses "apply predictive and adaptive analysis techniques," including a form of artificial intelligence known as machine learning. By combining significant data sources with real-time monitoring and risk profile analysis to assess the risk of fraud, fraud prevention has evolved to turn the tide of losses. As a result, today, we have some excellent technologies to combat fraud. Here are a few technology-based applications and services that can help combat fraud. Let's take a look at them one by one.

 

Technologies to Combat Fraud

Following are the few technology-based applications and services that companies and business can use to combat fraud:

 

Technologies to combat fraud
 

1. VPNs

VPN stands for "Virtual Private Network" and describes the possibility of establishing a protected network connection when using public networks. VPNs encrypt your internet traffic and disguise your identity online. Furthermore, This makes it difficult for third parties to track your online activities and steal data. The encryption takes place in real-time and furthermore, adds to the cybersecurity of your online activities too..

 

How does a VPN work?

A VPN hides your IP address by allowing the network to redirect it through a specially configured remote server operated by a VPN host. That said, when you surf online with a VPN, the VPN server becomes the source of your data. It also means that your Internet Service Provider (ISP) and other third parties cannot see which websites you are visiting or what data you are sending and receiving online.
 

 

Technology to combat fraud

 

2. Password Managers  

A password manager is an application that homes all of your passwords with other information in one convenient location, further safeguarded by one master password. A password manager will do the work of creating complex passwords you want to have to protect your online accounts. Many password managers provide the more excellent layer of safety of two-factor authentication. As a result, every time you try to log in for your password manager, a unique, one-time verification code is sent to your cell phone. Furthermore, to complete the log-in process, you need to input the verification code alongside the username and password.

 

3. Identity Theft Protection Services

Identity theft protection services test the dark web and public statistics to verify if your information or facts are up for sale on the market. Also, it looks for any high-risk and fraudulent transactions you may have made online. Since the identity theft protection services work continuously monitoring the dark web and consumer conduct to become aware of probably fraudulent purchases, or transactions, it's able to keep hackers at bay for most of the time.

 

4. Malware Protection Services

Attackers are always looking for quick ways to steal data. They can easily do this with readily available automated tools and advanced techniques, rendering your traditional network defenses ineffective. Malware is designed to spread quickly, wreak havoc, and infect as many machines as possible. To protect your business from such threats, you need comprehensive company-wide malware protection Services. When you rely only on perimeter security such as firewalls, intrusion prevention systems, and URL filtering, or when you only focus on endpoint security, you create an illusion of security. Therefore, to stay one step ahead of attackers, you need malware protection services such as tools for aiding cyberattacks with a global threat intelligence community and cover the network, the endpoint, and the cloud.


 

5. SSL Certificate

SSL certificate is an essential factor of the statistics encryption system that makes net transactions stable. Virtual passports offer authentication to defend the confidentiality and integrity of internet site verbal exchange with browsers. The SSL certificate's task is to provide stable internet periods with the user's browser through the secure sockets layer (SSL) protocol. Also, you cannot have a stable and secure internet connection without the SSL certificate, which digitally connects agency records to a cryptographic key.

 

How does an SSL certificate work?

A browser or server tries to connect with a website (i.e., a web server) secured with SSL. The browser of the server requests that the internet server pick out itself. The web server sends the browser or server a copy of its SSL certificate. The browser or server tests whether or not it can no longer trust the SSL certificate. If so, it sends a message to the web server. The web server sends again a digitally signed acknowledgment to begin an SSL encrypted session. Encrypted records are shared among the browser or server and the webserver.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Sunny Samanta, OpenGrowth Content Team

A lone wolf by definition, a writer by heart, and a lost star with ambitions to light up the dark both inside and around me, sometimes by immersing myself into books or video games or traveling with a backpack to an uncertain destination believing that life is all about the choices we make and we don't.


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