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Fraud detection – or scam detection – is a structured approach or protocol to recognise potential fraud attempts, track malicious requests and safeguard a business against fraud. Malicious actors attempting to misuse business systems to harm the company or achieve personal gains is a common occurrence across industries and business domains. And therefore, employing fraud detection processes and protocols is essential before the business is affected, especially as real-time transactions become a norm for modern businesses.
Some of the common types of fraud include:
Fraud detection services rely on data analysis. And based on the method of data analysis, you can classify fraud detection techniques as
As the name suggests, this fraud detection technique relies on various statistical operations to conduct in-depth investigations about fraud detection and validation. Sub-categories of this technique include:
AI-based approach to fraud detection has emerged as a front-runner in effectively identifying fraud attempts, enhancing the agility of security protocols and streamlining fraud detection and prevention processes. AI-based fraud detection techniques include:
The top eight fraud detection best practices are:
However, despite your best intentions and efforts, fraud detection can potentially backfire and harm your business goals. Some of the major obstacles to effective fraud detection include:
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