A lot of start up businesses have been sprouting like mushrooms lately, and with it are new fraud modus that some of us cannot imagine are possible to do. Most especially now that more than half of start up companies are online based, the cases of online fraud and fraudulent conveyance have been increasing tremendously.
This is why tools and third party companies have also been investing time offering anti-fraud services to a lot of people, not just businesses. Take InfoTrack, for instance, they are a technology company that provides a SaaS platform with an intelligent search and automated workflow across different legal, conveyancing, and mercantile sectors. They are offering businesses an easy-to-use mobile application that allows you to verify your client’s identity from anywhere. The company has listed down a verification of identity checklist (https://www.infotrack.com.au/products/disruptive-technology/idfy-voi/more/voi-checklist/ ) a person needs to provide for you, this data is then stored and verified easily by their system.
It is innovations like this that makes negotiating with people online or in person very easy and cost-effective. Technology has definitely come a long way and has become the future of fraud-busting, but what else can technology do for us?
Be able to identify anomalies easily
There was a time when people had to look over countless excel tabs and mountains of files just to make sure that the client is really who they say they are. Right now, we have the technology to extract information easily from a pool of stored information we can access either directly or via third party like government agencies. And with the advancement of data analysis, we can easily see patterns that can warn us of anomalies that may be associated with our clients. For instance, data mining is a means to segment data and apply rules to view significant patterns, and this can alert us to client associations to fraud if there are any.
Filter suspicious story lines
We receive a lot of emails every single day, most of which are spam. Email services like Google are always improving their system to effectively redirect scam emails to the spam folder. However, there are people who are still able to circumvent the system. But companies like ZapFraud have found a way to solve this. They went back to natural-language analytics and instead of flagging down keywords, they looked for patterns in the narrative of the email. Imagine if warnings like this can extend to text messages and social media, with an automated warning whenever we receive it.
Flag down disinformation
But what if we find a way to filter the truth from false statements even before we meet a client or receive a spam email? KalinaBontcheva is a leading a research on natural-language processing that enables technology to analyse the online stream, flag and test the truthfulness of a statement or rumour that is found online.
Sift through countless of information in just one click
It is now easier to check client information before you make final agreements with them. Systems with feature like mobile verification is built to make it easy for businesses to sift through stored data information about the client and check for fraudulent conveyances before. Applications like this are easy-to-use and convenient especially for people who mostly work online.
Big Data analysis to spot trends
Another way to prevent frauds is to look into statistical patterns called the Big Data. It can alert for common modus operandi of fraudsters and their usual targets. It can also flag sketchy activities happening in other companies.
These are just the tip of the iceberg. There are still lots of new ways innovators can make use of analytics and data to improve technology and help businesses and the common people to detect frauds.