With the onset of the Fourth Industrial Revolution, technologies have become more advanced, bringing about the massive potential of how information and data can be used in the coming years. Big data and machine learning, in particular, have made it possible to come up with stronger verification and security systems that can help prevent fraud and verify identities.
As technologies continue to advance, so does the threat of fraud, trojans, hackers, and others. The financial industry has thus made use of more data analytic methods and modern technologies to detect and prevent the occurrence of fraud. If you are working in the industry or other similar industries that require tight security measures, you may find lots of merit in the system solutions offered by many data companies today.
There are several potential solutions to the common security problems you may face, which include Data Zoo verification products and blockchain verification solutions. With data analytics, the possibilities are almost endless, as there are so many things you can do with the information that you have.
Benefits of Fraud Analytics
One of the most potent data tools today includes fraud analytics, which involves installing systems that can search for hidden threats or find patterns of deviation that will help you detect fraudulent activity at an early stage. Aside from the detection and subsequent prevention of fraud, however, fraud analytics also has other benefits for your company.
1. Integrating Data
Companies in the financial industry or other industries that have a high risk of fraudulent activity deal with bulks and bulks of information. With fraud analytics, you can combine all your data and records across departments and teams and integrate them into models. Consolidation will help in the implementation of your systems since you will easily be able to verify new data you receive against your database of information.
2. Mining Unstructured Data
Most of the time, you may have tons of data, but not all will be useful for your operations. With advanced technologies, however, unstructured data is no longer seen as useless as tools like fraud analytics allow you to mine them to get structured data. The most fraudulent activity also typically happens within unstructured data, so being able to combine insights from all your data sources will help you identify potential threats or patterns.
Many firms have jumped into the technological space to enhance their security systems and protect their customers. Given the prevalence of cyberattacks, more and more fraud solutions are being implemented to eliminate and fight the increasing threats.
1. Identity Verification
Perhaps one of the most utilised fraud solutions has to do with authentication, including the Data Zoo identity verification and screening. This solution helps you verify an individual’s information electronically to maintain smooth operations. If your company requires a specific customer profile, such as a minimum age requirement, for instance, you can easily verify this before proceeding with any transaction.
Biometrics is becoming increasingly common in the financial industry, as technologies related to them are now more accessible. You may notice banks, for instance, using fingerprint and facial recognition for tighter security in online transactions.
3. Blockchain Verification
Nowadays, there is an influx of blockchain companies in the financial market due to the vast potential of technology. As a result, blockchain verification solutions have been introduced to allow you to search Cryptocurrency wallets for past activities and transactions. This feature can help you verify the safety of companies or people you intend to transact with.