Express Computer
Home  »  Guest Blogs  »  Machine learning in fraud prevention: Exploring how machine learning boosts fraud prevention capabilities

Machine learning in fraud prevention: Exploring how machine learning boosts fraud prevention capabilities

0 59

By Jinendra Khobare, Solution Architect, Sensfrx, Secure Layer7

Online fraud is a significant issue in India, with various scams such as phishing attacks, identity theft, and counterfeit e-commerce sites. Cybercrime in India has been on the rise, with the country recording over five thousand cases of online identity theft in 2022. Phishing attacks have also seen a surge, with around 83% of IT teams in Indian organisations reporting an increase in phishing emails targeting their employees in 2020. Furthermore, about 38% of consumers have received a counterfeit product from an e-commerce site in the past year.

Jinendra Khobare

According to a report, a significant portion of fraudulent transactions occur between 10 PM to 4 AM, with credit card holders over 60 years being the primary victims. From January 2020 to June 2023, 77.4% of cybercrimes were reported in India. The number of cybercrime cases in a city in India rose from 2,888 in 2020 to over 6,000 in 2023.

Machine learning is instrumental in fraud prevention, enabling organisations to detect and prevent suspicious activities in real-time. Traditional fraud prevention methods often struggle to keep up with the evolving tactics of scammers. Machine learning algorithms can quickly analyse vast amounts of data, helping organisations identify patterns and anomalies that may indicate suspicious behavior. These algorithms learn from past fraud cases, continually enhancing their ability to detect suspicious activities. By integrating machine learning into their fraud prevention strategies, organisations can stay ahead of scams and safeguard their assets effectively.

A key advantage of machine learning in fraud prevention is its ability to detect suspicious activities at an early stage. By analysing historical data and identifying patterns of dubious behavior, machine learning algorithms can spot suspicious transactions in real-time, enabling organisations to act swiftly and prevent financial losses.

Graph databases, alongside machine learning, have come out as a strong tool in fraud detection. Graph databases record and analyse network interactions at high rates, making them useful for a variety of applications, including fraud detection. They can identify patterns and relationships in big data, reducing the level of complexity so that detection algorithms can effectively discover fraud attempts within a network.

In conclusion, as scammers evolve their tactics, organisations must adapt their fraud prevention strategies to counter these threats effectively. Machine learning and graph databases are powerful weapons in this ongoing battle. With their ability to analyse countless data points rapidly, these technologies can detect suspicious activities accurately, surpassing human capabilities. It’s akin to having a team of superhuman fraud detectives working tirelessly around the clock. As quickly as organisations detect and prevent suspicious activities, scammers are equally fast at devising new deception methods.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

LIVE Webinar

Digitize your HR practice with extensions to success factors

Join us for a virtual meeting on how organizations can use these extensions to not just provide a better experience to its’ employees, but also to significantly improve the efficiency of the HR processes
REGISTER NOW 
India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image