Businesses need to gain a deep understanding of trusted customers to counter fraud effectively

Digital fraud is on the rise due to increased digital transactions, prompting fraudsters to develop sophisticated attack methods. To combat this, businesses should focus on understanding trusted customers, integrating information from various touchpoints, and collaborating with other entities. By creating a 360-degree view of customer interactions and sharing real-time risk intelligence, organizations can enhance fraud detection capabilities

Leveraging technology like machine learning and AI-powered models is crucial for swift responses to potential threats. While the battle against cybercriminals continues, initiatives such as real-time intelligence sharing and machine learning-optimized scam detection models have shown promise in mitigating fraud. Expediting these efforts and actively engaging in the fight against fraudulent activities is essential for a consolidated approach to fraud prevention.
https://www.cyberdefensemagazine.com/a-consolidated-approach-to-fraud-bringing-together-risk-insights-organizations-and-technology/