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Fraud is something that all firms may face from time to time. It comes in many forms, including identity fraud when an individual falsifies their identity or financial fraud that costs you in cash terms. Happily, despite the widening prevalence of cybercrime, there are plenty of technological solutions that firms can use to up their level of fraud protection and to give them the best chance of increasing their security. We’ll take a look at five of these technologies in this article, all of which businesses can arm themselves with to combat fraud.
KYC
“Know your customer” checks, or KYC checks, are vital if you’re running a business that requires membership from consumers. Banks and insurers are the go-to examples of firms that must run KYC checks, though many other firms could also use them to avoid identity fraud. Simply ask a new member to provide a passport photo or driver’s license digitally through a KYC software program, and you’ll be able to verify their identity and flush out impersonators.
Verification
Next up are verification technologies, which are also used to prove someone is who they say they are. Rather than using a KYC interface, there are several other identity solutions on the market to help businesses tackle fraud. Many are simple, adding biometric data or other factors to ensure that the person logging into a profile is who they say they are. This protection protects you and your customers from identity fraud, giving them an extra layer of security when they log in to profiles.
Financial Apps
The brilliant thing about modern financial apps is that they provide data in real-time. So if you’re suffering a serious case of financial fraud, you’ll be able to spot it almost immediately, getting in touch with your bank straight away to avoid further losses. There are several brilliant financial apps that are aimed at small businesses, performing many of the financial tasks they face automatically. But it’s in their in-built fraud management that you may find the most value in the long term.
Robot Checks
When you’re signing into your online profiles or apps, you’ll occasionally be asked to tick a box to prove that you’re not a robot. You may also click on a series of images – of planes or traffic lights, for instance – to prove that you’re a human and not an automated bot. This technology is built to prevent hackers from accessing profiles automatically, as it requires human oversight to log you in. It’s another simple off-the-shelf tech solution to fraud.
Outsourcing
Finally, technology has enabled us to outsource some of our key business actions and tasks to other companies. By giving them access to your digital infrastructure, you can prevent fraud and cybercrime by simply partnering with a cybersecurity company. Let them know what you’re trying to protect, and ask them how they can help you with technological solutions to the threat of cybercrime. They’ll be more than happy to help you increase your security.
There you have it: five fraud-busting technologies you need to bring to your firm in order to make it more fraud-proof in 2023.
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