How StartUp City is Fortifying Scams in Enterprises | StartUp City - PowerPoint PPT Presentation

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How StartUp City is Fortifying Scams in Enterprises | StartUp City

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According to StartUp City, first and foremost is real-time fraud detection. For an enterprise fraud detection to be successful, the solution must possess the ability to process, analyze, and evaluate transactions, authorizations and decline decisions before fund movements in real-time. – PowerPoint PPT presentation

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Title: How StartUp City is Fortifying Scams in Enterprises | StartUp City


1
How StartUp City is Fortifying Scams in
Enterprises StartUp City
As consumers are increasingly uploading their
personal information online and carrying out
business transactions via computers and
smart-phones, fraud detection has become very
crucial in todays digital environment. The sole
purpose of fraud detection is to protect online
assets of enterprises and consumers. From
accounts and transactions to batch analysis of
user activity, fraud detection examines the
patterns and behavior of the information being
transferred through background server-based
processes. Nowadays, enterprises tend to rely on
fraud detection for information security and
mitigating information theft, but every defense
solution has its weak points. It is essential
that enterprises look at four crucial aspects of
fraud detection before its implementation.
According to StartUp City, first and foremost is
real-time fraud detection. For an enterprise
fraud detection to be successful, the solution
must possess the ability to process,
2
analyze, and evaluate transactions,
authorizations and decline decisions before fund
movements in real-time. Without that,
enterprises might as well open windows for
cybercriminals to get away. Second on the lookup
list is effective data analytics. This process
plays a vital role in sniffing out suspicious
consumer behaviors and fraudulent patterns. It
is imperative that the data analytics output
includes a consumer score that represents a
consumers actual behavior and a transaction
fraud score, to determine the fraudulent nature
of a transaction. All enterprise fraud detection
solutions include many processes to manage and
rectify every consumers fraud issues, which
brings us to the third aspect of the lookup
list workflow. It is crucial that enterprises
have a seamless, flexible workflow to automate
and consolidate the remediation process for
effective fraud detection. Each specific, be it
action, data or process, is an integral part of
managing any given fraud case and producing
evidence for prosecution. Depending on the type
of payment and the steps required for addressing
the situation, a cohesive workflow reduces the
overall fraud detection time and operational
costs. Lastly, one must consider the efficiency
of the rules engine. Rules are a predefined set
of strategies a fraud detection solution follows
in the occurrence of a suspicious event. The
rules vary for different types of payment and
transactions. However, the efficiency of the
rule engine determines how well and how quickly
an enterprise fraud detection solution can react
to shut down the fraud. A rule engine that
leverages information management and process
3
documentation to refine fraud detection makes it
auditable and the best fit for enterprise
security. Check out StartUp City Spam
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