Securing Lost Property — Automated Fraud Prevention
With the latest update, the Lost and Found Software adds new mechanisms that further increase security when managing found property: Preventive and automated fraud detection.
Fraudsters have always been quite creative in their scams to acquire money or valuable items. Lost and Found employees are well aware of the fact. That’s why security questions are asked when someone makes a claim to a found item.
The procedure helps ensure the claimant is actually the rightful owner.
To make life even easier for organizations and lost property managers, the Lost and Found Software preemptively intercepts suspicious and fake requests in real-time. Once such a case is identified, the Software prevents further processing of the case within the system. The algorithms developed specifically for this purpose check all requests for a variety of suspicious features. The entire analysis allows the algorithms to assess the current threat levels. If a possible fraud attempt is detected, the Lost and Found Software users receive a message. Similar to the SPAM filter of an email inbox, the system marks and deactivates all suspicious requests automatically.
Further innovations for fraud detection are planned for the future, such as the comparison of lost and found requests with airline flight data. The next major algorithm update includes using GDPR compliant measures to check whether the inquirer has flown the specified route at all and whether their indicated place of loss, in this case the specific airport based on their flight number, can even be considered a legitimate place of loss in the first place.
Unfortunately, fraudsters can be found everywhere. It can happen that found items disappear at the lost property office or on their way there. But even these operational procedures are part of our fraud detection strategy. Therefore, we have implemented functions that prevent this type of fraud or at least make it easy to detect afterwards. As a precautionary measure, however, we cannot publicly share the exact functionality of these security measures.
Time and again, it turns out that Lost and Found Software stays one step ahead of the competition. No other solution offers such a variety of security mechanisms and automation features.
The best thing to do is to compare for yourself and contact us — we’d be happy to assist your lost and found office in introducing innovation!
