How Technology is Helping the Battle Against Fraud

Posted on Jun 30 2015 - 5:04pm by Editor

Fraud is a problem that every business has to deal with. But, luckily, there are all sorts of new technologies that can help in the battle against fraud.



Encryption remains the most effective way to keep data secure and safe from people who are looking to steal files and documents. It is only possible to gain access to encrypted files if you know the correct key or password. If you have the key or password, you will be able to decrypt it, otherwise, you won’t be able to access it.

Most business and institutions that have to look after sensitive data or personal information now use encryption to make sure their files and documents are safe. If we didn’t have it, it’d be a lot easier for criminals to gain access to important files. There are two main types of encryption, asymmetric and symmetric encryption.

Mobile Identity Verification

One way in which fraudsters can gain access to businesses’ money and sensitive documents is by pretending to be a customer. This is very risk because all businesses need customers, but they don’t want to face the fact that not all of these customers are genuine, they could be criminals instead.

This is something that all businesses need to think about because it could cause serious damage to your business. One way to get around it is by using mobile identity verification. This allows businesses to trust the customers that are using their business and identify any suspicious activity. It doesn’t impact on the customers who are genuine, and that’s very important.

Face Recognition Technology

Businesses that rely on physical security are finding it increasingly useful to harness the power of face recognition technology. This allows only authorised people to gain access to particular buildings or rooms. At the moment, this is a very expensive technology that a lot of people can’t yet afford.

If a business needs to protect its premises and has the money to put these systems in place, it is a very useful piece of technology to use though. There are other options that offer a similar service at a slightly lower price. Fingerprint technology is one example of a cheaper alternative to face recognition technology.

Long-Term Profiling

Some forms of fraud take place within the business. This is very dangerous because you should feel like you can trust your employees, and you don’t want to treat them all with suspicion. But the fact remains, a lot of businesses do suffer from internal fraud, so you need to monitor their performance and look out for warning signs.

Firstly, think about rotating staff on different jobs so that no one gets too comfortable in their position. You should also use long-term profiling on your computer systems. This will mean the computer system will pick up on any changes that happen and notice when something out of the ordinary happens.

Technology is improving all the time, and there’s no limit to what the future might hold for anti-fraud technology.