Fraud Detection & Prevention: How to Identify the Right Solution?

Let’s cut to the chase. If your business is online, chances are, fraud is a concern. In the United States alone, businesses lost over 4 billion USD to cybercrime in 2020. As more and more people begin using their devices for daily tasks such as grocery shopping and ride-hailing, the avenues for bad actors to commit fraud would be amplified. 

Attacks can take several forms, ranging from payment fraud and fake accounts to promo abuse. In fact, fraud and abuse have become so sophisticated that business owners may not even realize it’s happening. This is where fraud prevention solutions come in. They leverage big data, machine learning, and artificial intelligence to help businesses fight fraud. It’s a must-have for any company hoping to protect themselves and their users.