Fraud,Detection,And,Prediction marketing Fraud Detection And Prediction: Definition, Overview And Typ
Awhile ago, I got an email from one of the "gurus" I follow and it shocked me. The gist of it was this person wanted to trade services for a household item.To say it floored me would be an understatement.What was worse was a few days later t Automation technologies represent a fundamental aspect of any modern industry. The major types of industrial automation solutions, such as DCS, PLC, SCADA, and MES, are used on a large-scale in process and discrete industries.DCS technologie
Fraud, defined as an intentional act of corruption, omission or misappropriation, is becoming more and more rampant in today’s social, economic, political and organizational set-up. With considerable amount of scope for online and offline transactions in every sector, there is high amount of vulnerability to organized online crimes and financial misappropriation. Fraud, like Fraud Prevention and Detection, is a never-ending process. The identification of one threat by Fraud or Risk Analysts results in the upgradation of the cyber fraudsters and their technologies. It has been observed that these Fraudsters are always one step ahead of the organizations as they most often look for only a single loophole to cash in on.Such incidents cause losses to financial enterprises as well as tar the image of companies. The purpose of Fraud Detection and Prevention activities encompasses increasing the security of a network or a system, improving performance and operational effectiveness and reducing the monetary losses caused by these fraudulent activities.The primary drivers of the market is the rise in the number and complexity of online transactions in the context of the Internet of Things (IoT), the constant threat to the Banking and Financial Sectors due to the financial and monetary resources involved and the emergence of online banking and online business in the form of e-governance, e-banking and e-commerce. Another crucial reason for the large scale adoption of the technology is the rise in the number of fraud incidents and the different possibilities of these frauds: in terms of their methods, technologies and modes. It can be easily summed up that the primary drivers of the market are the rapid technological advancements and the large amount of crucial data present in organizations.Most often the dissatisfaction of the employees in an organization causes the perpetration of these offenses. It is for the same reason that the majority of the offenses take place in the Accounts, Sales, and Auditing and Engineering departments of an Organization.The rise of internet solutions such as cloud services, digital services, internet-enabled solutions etc. has increased the vulnerability of systems towards illegal activities.The market, though very popular for its scope of execution has one unique constraint. Though these detection and protection services are primarily addressed on a macroscale basis, there is an evident lack of integration capabilities with all the industry verticals. Another restraint of the market is the concerns of organization about the Return on Investments (ROI).Opportunities in the sector lie in the introduction of more customer-centric approaches, the integration of real-time services for a more dynamic set-up etc. It is also essential to introduce provisions for an initial as well as continuous risk classification system. The addition of simulation options is also a must in the fraud tracking and monitoring system. Market trends also suggest a gradual increase in the demand for agile data analytics.Opportunities in the sector lie in the communication of the adopted procedure to tackle these cyber-crimes to other organizations. This is so that organizations can counter these threats or breaches of rules by combining their knowledge network in the domain with the help of one another. Article Tags: Fraud Detection
Fraud,Detection,And,Prediction