Detecting fraud using data science solutions

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Detecting fraud using data science solutions

Tracking hackers is difficult and catching the fraudulent activities they indulge in, is even more challenging. The best way to avoid fraud is by analyzing patterns of data. To understand those patterns, firstly we have to identify the types of fraud. The major fraud types are indicated as below.

Detecting fraud using data science solutions

Why it is important for enterprises to prevent fraud

Fraud is a common risk that should not be ignored in any way. Fraud impacts organizations in more than a few areas including financial, psychological and operational. It is very important to protect the bottom line and the brand image of the company. Fraud detection and prevention converts fraud loss mitigation into strong ROI and improves customer experience. Fraud detection is now expected by most of the customers as they become more aware of data breaches and identity theft schemes. To maintain all kind of organizational user experience in a seamless and secure way, organizations must start taking appropriate steps for preventing fraud.

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How data is being used to prevent fraud

The importance of using data to prevent or detect fraud is becoming clear, helping enterprises make a business decision based on data analysis. Big data is used to track many organizational factors, such as, how often a user typically accesses an account from a PC or mobile device, how quickly the user types a username or password, as well as the geographical location from which the user most often accesses an account. These questions can substantially improve fraud detection.

For example, the banking industry can take advantage of fraud detection services by integrating their payment and user behavior data such as, customer details, card details, IP addresses and email addresses to get visual insights. Currently, most of the industries including retail, insurance, eCommerce, etc. throughout the world are effectively using big data to enhance their security and detecting fraud. These industries are dependent on data to predict attacks, based on the visual trends that they are gathering from their data. Data analytics alert enterprises when any identity or device begins to perform in a high risk manner.

How our data scientists can help you with fraud detection solution

Our data scientists analyze the aforementioned data, which provides greater fraud prediction capabilities. At Softweb Solutions, we use new approach for fraud prevention and detection, which involves the examination of patterns in the actual data.

  • Identify the types of data and available solutions that can be used to look for signs of fraud
  • Implement the full data science process by defining which data to obtain to evaluate the results
  • Various fundamental and non-traditional data will be used for the solution
  • Analyzing non-numeric data, like text and timelines, for signs of fraud
  • Categorize irregularities and recognize common red flags of fraud that appear in the data
  • Data analytics tests will be performed to detect numerous asset misuse, corruption and financial fraud

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Fraud Analytics Architecture

Our data scientists provide more accurate reports and better insights for organizational controls, and help them to improve the ability to access and manage business risk. If you are looking for the solution that is beyond the normal, you can always contact our solution experts for a highly valuable solution where you will be able to delve deeper.

Safeguard your organization with our customized solution

Softweb Solutions helps leading organizations in implementing intelligent, customer-centric fraud management solutions specially designed to detect and manage unusual activities based upon known patterns in an account within an enterprise. This solution allows firms or companies to minimize losses, improve efficiencies and shield their clients from fraud. Also, it offers the control, flexibility that is required for organizational management to manage fraudulent activities.
If you want to grow your customer base in secure way, contact our experts to get a tailored solution.

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