AI becomes an effective technology in the fraud detection and prevention strategy for any organization. Moreover, innovative platforms have been launched through collaboration to enhance capabilities and spot fraudulent activities in online advertising.
With growing online frauds and data theft activities, it has become essentially important to take necessary security measures for detection and prevention. Technology firms have been taking necessary steps by utilizing novel technologies and adding a layer of security to prevent frauds in real time. One of the leading technologies used for the detection and prevention of frauds is artificial intelligence (AI). Through identification of suspicious patterns in the activities and implementing machine learning algorithms, AI becomes an effective technology in the fraud detection and prevention strategy for any organization.
Moreover, innovative platforms have been launched by through collaboration to enhance capabilities and spot fraudulent activities in online advertising along with prevention of data theft and invalid traffic. The market for fraud detection and prevention is booming. According to the research firm Allied Market Research, the global fraud detection & prevention market is expected to reach $40.61 billion by 2023. Following are some of the activities taking place across the world that would transform the industry in the next few years:
AI capabilities for fraud detection and prevention:
AI becomes a prime weapon for detection and prevention of fraud for organizations. They have adopted various strategies to strengthen security. Green Shield Canada joins hands with HBM+’s health benefits management solutions provider division for developing AI-based fraud detection strategy.
The newly developed platform would find and compile data along with identifying the patterns for unveiling suspicious activity. Commenting on the collaboration, Brent Allen, the Vice-President of service operations of Green Shield Canada, outlined that detection and prevention of fraud involved manual processes in the past. It was about following a paper trail. The process was like finding a needle in a haystack. GSC is focused on protecting the benefit plans of sponsors and help them in extracting optimum value on benefits.
Moreover, HBM+ adds value to its carrier along with claim-paying TPA partners in terms of innovation, technology, and fraud management. Mr. Allen added that this AI platform is a gamechanger as it combines data on claims, healthcare providers, and plan members to offer meaningful insights.
An organization has launched an AI-powered solution, particularly for the Singapore market. Featurespace launches its anti-fraud technology for detection and risk management of fraud in Singapore. The machine learning algorithm is used for the detection of anomalies in individual behavior. Its real-time ARIC platform would utilize Adaptive Behavioural Analytics for learning and responding to customer data. ARIC would detect known and new attacks and block fraudulent activities as they occur.
Martina King, the CEO of Featurespace, outlined that millions of citizen’s Singapore have been victim to large-scale fraudulent activities in the past. Through the implementation of machine learning technology, the company would help banks and credit card providers to build a safe infrastructure and prevent criminal activities. The adoption of technology has been increasing at a fast pace with payment processors and merchants utilizing the technology for real-time fraud prevention.
Prevention of ad frauds through innovative platforms:
Market players have created various innovative platforms for prevention of frauds occurring in online advertising. Escalated revealed its proprietary SAAS-platform for screening and prevention of online malicious bot activity. The service is offered on a monthly and annual subscription basis along with offering a free-trial period. Its plans are suitable for individual, organizational, and company needs. The new platform is designed to provide security and affordability through monitoring and safeguarding websites, campaigns, and other malicious online activities from bots. Malicious bots develop false ad impressions that harm advertising budgets.
Moreover, these attacks can cause various anomalies such as alter data, affect business relationships, breach data, and others. As margins in advertising are reduced and ad-fraud is growing considerably, this new platform is created to solve the issue. The real-time pre-bid API targets bots on the fly and eliminates them along with reducing further risks. In addition, it can help in making bidding and rendering decisions. Post-Bid fraud monitoring is helpful for collecting insights based on online activity and spotting invalid traffic. The platform also offers additional features such as preventing data theft of digital content, protecting resources from fraudulent activities and detecting hard-to-find threats.
Applift has selected Mobile App Install anti-fraud solution of Protected Media. This solution enables real-time granular optimization of mobile attribution fraud along with detection of advanced threats. Mobile App Install Fraud Prevention is a new solution provided by the Mobile Ad Verification leader to offer an additional layer to filter traffic before sending it to the app market. It utilizes the detection capabilities and deep knowledge of the company to determine sophisticated invalid traffic and prevent ad fraud. Applift, a leading mobile ad tech company, collaborated with Protected Media for utilizing advanced cyber security tools for prevention of attribution fraud and fake installations.