The evolution of fraud prevention, detection and risk mitigation
Since the advent of the internet, fraud – and prevention and detection of fraud – has moved forward in giant steps. In doing so, it has become a constant battle between business and fraudsters.
On one side of the battle, fraudsters become ever more sophisticated, embracing new technologies and the exponentially increasing opportunities presented to them by new technologies and customer demand for faster, easier access to products, purchases and services.
On the other side, businesses strive to stay one step ahead. To evolve new methods of fraud prevention and detection. To move faster and smarter than the criminals. To foresee new threats before they occur and to create multi-layered solutions which address the complexities of a rapidly changing and highly flexible business environment.
In a relatively short time we have moved from basic data matching to syndicated data sourcing, layered analytics and network visualisation. What comes next?
Prior to the advent of the internet, financial and identity fraud was largely opportunistic. Applications for services and products were routinely investigated through paper-based systems, which meant that fraudulent cases often went undetected and were expensive and time consuming to investigate.