𝐸𝒹𝓊𝒸𝒶𝓉𝒾𝑜𝓃𝒶𝓁 𝑒𝓈𝓈𝒶𝓎𝓈 𝓈𝓊𝓈𝓉𝒶𝒾𝓃𝒾𝓃𝑔 𝓉𝒽𝑒 𝒜𝑒𝓃𝒸𝑜 𝒞𝑜𝓂𝓂𝓊𝓃𝒾𝓉𝓎 𝒶𝓃𝒹 𝐸𝒸𝑜𝓈𝓎𝓈𝓉𝑒𝓂
Just as its “-tech ending” counterparts, Fraudtech is the combination of “Fraud” and “Technology”, a relatively noble concept in today’s fintech landscape. While the term might be misleading providing an overview of what it does, FrauchTech has nothing to do with the promotion of frauds or cybercrimes with the help of technological advancements, but exactly the other the way round. Join us this week as we explore the topic of ‘FraudTech’ at Aenco Academy #18 What is a Fraudtech?
Fraudtech is the utilisation of technologies in detection and prevention of cyber-attacks, online frauds or digital thieves. The proliferation of technology has created breeding grounds for financial crimes given the tech-driven nature of most of the financial activities nowadays and the lag behind implementation of new-tech-focused compliance standards. Yet, paradoxically, exactly because of the blasting of technical reliance in finance and business sectors, it also provides necessary ingredients in combating online frauds.
Fraudtech leverages on AI and ML (Machine Learning) to learn, adapt and discover the emerging patterns of frauds, and develop fraud detection algorithms and anti-fraud programs to monitor real-time digital transactions. Big data resources are also utilized for real-time cross-checking of personal data with multiple data sets, such as customer addresses and booking data, to detect any false user information. With the two-step approach of fraud detection and protection, Fraudtech is an emerging concept in today’s fintech landscape with its proven contribution in fraud risk management
𝓗𝓸𝔀 𝓯𝓻𝓪𝓾𝓭𝓽𝓮𝓬𝓱 𝓲𝓼 𝓮𝓼𝓼𝓮𝓷𝓽𝓲𝓪𝓵 𝓯𝓸𝓻 𝓯𝓲𝓷𝓽𝓮𝓬𝓱?
Security concerns and risks of fraud have been a prevailing concern to skeptical users of new technologies, and fintech is no exception. As financial industries are moving along the wave of digitalization, both traditional financial service providers and fintech companies are now either developing their own fraud-combating strategies, or increasing their investments on Fraudtech services. Study has shown over 55% of companies surveyed predict to significantly increase their fraud-tech budgets over the next 2 years. Companies in industries which demand on real-time transaction monitoring, such as e-wallet, e-commerce and e-banking, are now the major clients of fraudtech companies.
✔ 𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮: 𝘪𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮.𝘤𝘰𝘮/𝘢𝘦𝘯𝘤𝘰𝘪𝘯/
✔𝘝𝘪𝘣𝘦𝘳: 𝘈𝘦𝘯𝘤𝘰 𝘝𝘪𝘦𝘵𝘯𝘢𝘮