The fraud prevention tool logo speaks for itself

Internet fraud or simply scams have become the most common crime on the Internet in the 21st century. Fraudsters try to steal confidential information, documents, credit card, and bank account information. This type of financial fraud is especially dangerous and has a detrimental effect on the fintech sector of business. Although fraud is becoming widespread, there are fraud prevention tools to protect yourself and your business from it. For fraud detection, you can use the services of risk management software. More about the anti-fraud System in our article!

What types of fraud your business may encounter?

So, as you have understood, scammers can act against individuals as well as against an entire company. The methods of fraud are generally the same.

The most common types of online fraud:

• • getting the user’s credentials, as well as other data for authorization in payment systems. How can they get your confidential information? It’s simple, fraudsters can trick you into clicking on a link that automatically reads your data;
  • fraud with credit cards, bank accounts, and other users’ financial data. You may get a phone call saying that you urgently need to solve a problem with a screen-sharing application (AnyDesk or TeamViewer).

As you may know in many countries in Europe, as well as in the USA, the responsibility for the security of customer data lies with the company that collects the KYC, so this means that the company and the customer automatically become victims of fraud. Many firms are using special anti-fraud Systems for fraud detection. The power of such risk management software is a range of fraud prevention tools.

What fraud prevention tools exist?

To analyze the fraud prevention tools we have visited the most popular anti-fraud System Covery.

One look at the platform’s logo is enough to understand its main idea. Executed in the blue and white color scheme, so popular with IT and engineering companies, and symbolizing protection and professionalism, the tool’s logo consists of a shield with the infinity sign on it. When there is a need to use the full version of the logo, the open-ended in its left half infinity sign takes the place of the letters “C” and “O”, and the white shield replaces the negative space in the “O”. Such a symbol of infinite security and reliability. But let’s see what Covery has to offer to its customers.

The anti-fraud system provides its customers with the following fraud detection options:

1. 1. Automatize the KYC filling to prevent identity theft and prevent money laundering.
   2. Device and browser fingerprinting is one of the most effective fraud prevention tools. Covery makes a full analysis of the new client’s recent activity to detect suspicious movements.
   3. Deep analysis of all the transactions made within the company.
   4. Advanced reporting in case of fraud detection.
   5. Building the trust chain for every client of the company.
   6. The usage of artificial intelligence for machine learning.

Taking care of a company’s safety means taking care of its customers. When you have access to important information, you should always consider how best to protect it from fraudsters.