The world is a dangerous place, and there’s no way to “overdo” security. Every step of the way you can safeguard your enterprise with a fantastic array of apps that will keep you safer.
Dealing with customers and accepting their purchases is fraught with peril. Fraud orders have long been standard in the digital space, so protecting your district against threats is the right way to do things. Luckily, there are many vendors dedicated to safeguarding businesses who provide useful apps to make the task simple.
Compliance and Fraud Detection Move to the Forefront
Compliance is an issue that relates closely to fraud detection. Most districts are now routinely using cloud services to store data and transact customer transactions.
That means compliance is a pressing concern because bad actors exist that can take advantage of financial processing. Without the right network security configured, they’ll have field day breaching data and compromising sensitive information.
Don’t underestimate the essential nature of antivirus suites that protect your enterprise. Malware and viruses continue to evolve, causing undue strain for connected companies. Apps themselves are vulnerable, especially ones that process financial transactions. The threats to these types of apps have given rise to suites which can be avoided with technology such as Fraud Detection with Confluent. These powerful tools create data stream filters that remove fraudulent transactions early in the pipeline, saving companies a ton of hassle down the road.
Fraud Costs Business an Enormous Sum
The types of threats your company receives will relate closely to your product line and industry. Some sectors are magnets for fraudulent orders and transactions.
With $35 billion a year in fraud charges on credit cards, it’s no wonder preventing more of them is a top priority. Nobody wants to disrupt the flow of sales, but to ship products based on a lousy order is extremely expensive. In this scenario, the company loses money on transaction fees, product, and shipping charges! The thought of this type of massive loss is a fact of life for e-commerce companies and any small business with an order form online.
The same holds for apps. Users who chargeback or place fraud orders for in-game currencies pose a problem for all development companies. If too many poor orders come in, it’s possible to lose merchant services privileges. All it takes is an onslaught of fraud orders, and an entire business can go dark. That’s why fraud prevention suites continue to evolve and expand in the financial transactions market.
AI is transforming fraud detection because machine learning gets smarter as more data processes through the system. Enhanced algorithms pick up on patterns, which means a batch of fake orders would run into flags quickly. The types of attacks that may have taken weeks to clean up are now mitigated thanks to the power of AI.
Apps can also monitor your network infrastructure for signs of intrusion. Every device in your corporate network is a potential threat vector. Using apps to monitor and secure your IT will empower your staff to stop routine hack attempts before they dig in and cause significant issues. When your app hits the big time, and millions of transactions become routine, you’ll need to tap into the power of an enterprise solution like Kafka and Confluent. Even small losses add up quickly when they happen over and over all day and night! The only way to deal with fraud is to get it right and ensure that your precautions always stay in place.
Even if you beat fraud for a while, intruders evolve and keep trying. One thing you can say about those who conduct fraud online, they are tireless when it comes to effort and innovation. To fight fraud, check out Riskified, GLAnalytics, and pipl.
These trends appear to be growing across all sectors:
Customers Demand Strong Authentication
Millennials hate entering usernames and passwords, which can result in lax security. A big challenge going forward will be dealing with frictionless e-commerce while authenticating users properly. The job of fraud detections services will be balancing tight security with less friction for users.
Users will continue to grow their profiles, which means data management requirements will also expand. Security will soon extend to biometric data and digital voice recordings. That means more security but at the cost of higher data costs and complexity. That’s where apps that work with TouchID will begin to dominate the space.
Real-Time Detection Is a Reality
Real-time prevention will speed up to the point of being instant. Right now there is still a noticeable lag using many services. That will diminish as capacity and scale issues are solved. The good news about increased speed and larger datasets are that it will make detection more accurate. The more considerable expenses of managing more data will result in increased security, making the tradeoff worthwhile.
If apps are a big part of your school’s education, security will always be a concern. Whether it will put stress on management or not is a decision. Savvy leaders embrace the newest technology, including fraud detection suites that are moving ahead of the pack. Predictive learning algorithms and real-time evaluation mean less fraud reaches your doorstep.
Detection leads to prevention and is part of a robust security pipeline that will enhance any app’s profitability. Calculate the amount of money your firm would save each month with close to zero fraud orders, and you begin to see why investing in the best detection services is common sense. With the right software in place, your investigative workflow becomes much more comfortable. When you can see patterns as soon as they emerge, you’ll be able to patch the areas that need attention immediately. What once took six months or longer to discover, may now be found nearly instantly! Check out Splunk or Decision-as-a-Service app Forter as prime examples.
These are exciting times for app businesses and districts that may extensively use apps. Optimized fraud detection will make the industry even more attractive in the coming months as scalability issues appear solved. Eliminate the frustration of fraudulent orders and intrusion attacks, or at least come as close as possible. Detection and prevention are not yet perfect, but they are improving every day.
