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Data Solutions Against Fraud

12 days ago by Luigi Muscat Filletti
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The digital age is encouraging organisations to make greater efforts in optimising their cybersecurity infrastructures to battle against cases of fraud and money laundering. Such instances do not only damage organisations financially, but also from a data perspective, with sensitive company and customer data potentially experiencing a breach or loss. As companies continue to consider data solutions for preventing these occurrences, jobs in Malta for tech professionals will increase as the job market will witness a growing demand for specific skills in areas of Big Data and BI as well as cybersecurity.

From banks and financial institutions providing online transactions, to online gaming platforms and ecommerce sites, data is at the forefront of every digital move. Of course, the ability to carry out a financial transaction online requires one to first register for the service, wherein the user would sign up or create an account containing their personal information as well as their credit card details - essential for any transaction to take place online. The acquisition of such data is essential and critical for companies when providing such services to their customers, as it ultimately acts as a method through which user verification can be upheld. Creating unique user IDs and setting up security questions is also a good practice to prevent fraud, as this acts as an additional barrier to criminal activity. Moreover, companies also make use of such data by integrating it in their marketing efforts to personalise their service to align with unique user interests and optimise user experience. 

Further to this, there are a handful of other ways through which companies can verify user accounts and ensure user security effectively. 

Mobile & Email Verification

The smartphone is perhaps the remote control of today’s society, providing on-demand services and solutions for the user. It is no surprise therefore that individuals carry out most of their online transactions through their mobile phone, making it of utmost importance for companies to put into place the right security measures for users. The most common method of security is referred to as two step authentication, and this is done by sending an SMS to the user’s mobile phone, containing a unique code which should be applied in order for the transaction to be completed. Another safety measure which is put into effect is one which makes use of location services for mobile - if a transaction is being made from another location, the user to whom that account belongs would be promoted to confirm or deny that transaction. Mobile software developers are continuously working on more efficient ways through which these safety procedures can be strengthened and evolved over time to keep up with the pace of the digital age and make the most out of data.

On the other hand, email verifications are done by providing users with links to activate their account, as well as links to landing pages where the transaction can be made. Similarly to mobile verification, email verification can also provide users with unique, time-sensitive codes to complete transactions or access accounts. 

Face & Touch Recognition

Most mobile users today already make use of facial and touch recognition technologies to verify themselves before making transactions online. Facial recognition works by making use of biometrics to map facial features from an image or video to match the user’s, whilst touch recognition takes the unique fingerprint pattern of the user to allows access. This falls into the sphere of AI technology, with expertise in this area expected to grow steadily over time especially within the Fintech sectors.

Artificial Intelligence

Professionals in AI are making steady progress with user verification methods through machine learning technologies to prevent fraud. The AI technology would record user spending and saving patterns and behaviour over a period of time, taking into account incomes and spendings by date and time, and prompt approval for any transactions which are being made outside of those patterns. As AI continues to transform banking in particular, IoT implementation is also on the rise, as our devices make for a connected world having all amenities linked to one source and thus contributing to personal transactions for our devices.

Blockchain Technology

The digital age is progressing faster through the implementation of Blockchain which offers greater transparency, security and speed, recording all digital financial transactions within a distributed ledger at rapid speeds, adding credibility and security to all users. Payments, deposits and withdrawals are all made less prone to fraud also, meaning that both company and user can have their minds at rest over security issues. As Blockchain solutions gradually become integrated across industries, job markets will demand greater quantities of professionals with experience and skills in this area of tech. 

 

All in all

The execution of such data solutions to battle fraud and optimise security is essential for companies when working towards great customer relationship management and beyond that, to ensure that customer data is kept safe and confidential.