Combining Fraud Prevention Solutions to Protect Your Business

  • Fraud Prevention

Online security technology is not hard to come by these days; it has become just as common as websites and mobile apps. Finding the right fraud prevention solution is not about finding the biggest, most expensive, or even the most advanced technology, its about finding the right mixture yes, mixture. With the recent changes in the FFIEC regulations in the past years and as online business has evolved, one layer of protection is not enough. Security analysts and specialists have repeatedly stressed the importance of layered security solutions for protecting businesses and consumers. The term intelligent security has come into existence to describe using a combination of technologies to detect and prevent security threats. This concept will help security professional adopt a more proactive and preventative approach to online security.

Pairing up identity verification and authentication with other security technologies can add a vital layer to preventing online fraud before causing damage. By using real-time identity authentication, companies and security officers can watch for and examine patterns that may help to detect fraudulent activity. Some security experts refer to intelligent security as closing the gap by providing a real time look at the cyber landscape of your business. It is important to remember that its not always about more or less layers, but about finding the right mixture of layers for your business model. Even if businesses can detect 95% of the fraudulent activity taking place in their realm, hackers and cyber thieves can sneak through that 5% crack.

Human judgment and care can never be replaced 100% with technology, so its important to keep an on-going proactive approach to monitoring fraud prevention solutions as well. Be just as involved as your technology. Preventing fraud begins with detecting fraud, and using identity verification and authentication can detect and prevent online fraud for your business and consumers.

[Contributed by EVS Marketing]