Four Technologies That Help Organizations Mitigate Digital Frauds

With the rise of digital fraud, businesses are struggling to come up with solutions that help them mitigate them. The problem is that the nature of digital fraud is such that it’s very difficult to prevent them from happening in the first place.

To address this growing problem, organizations need tools that help them identify and mitigate digital fraud at every stage of their life cycle. 

There are four technologies that can help organizations mitigate digital fraud:

Identity and Access Management

Organizations are constantly trying to find ways to mitigate digital fraud. Using identity management tools is one way they can achieve this. These solutions allow them to manage their users’ identities and provide them with secure access to sensitive data across different business applications. 

Using this technology, organizations can easily identify the source of fraud by verifying user identities and ensuring they have proper access. For example, if there is an attempt to steal money from an organization’s bank account, identity, and access management software can verify the identity of employees trying to make these transactions and block any suspicious activity.

The Identity and Access Management Market touched $13.41 billion in 2021 and is likely to reach a value of $34.52 billion in 2028, per Fortune Business Insights. This growth implies that organizations are increasingly aware of the need for identity and access management systems to mitigate digital fraud. 

Identity verification solutions are the subset of IAM that verifies whether or not someone is who they say they are. Identity verification solutions help organizations verify the identity of users before granting them access to critical systems or sensitive information. This can include everything from verifying their email address to performing a background check on their social media activity.

The right identity verification solution provider can help organizations reduce the risk of digital fraud by providing them with easy-to-use tools that allow employees and customers. Solutions at au10tix.com offer you an end-to-end solution that includes everything from identity proofing to user onboarding and offboarding processes.

User and Entity Behavior Analytics

With the proliferation of digital platforms and the ensuing rise in cybercrimes, it is no surprise that organizations are looking for ways to mitigate digital fraud. User and Entity Behavior Analytics (UEBA) is one such technology that helps organizations identify fraudulent activities that could lead to financial losses or business disruptions.

UEBA refers to a set of technologies used by businesses to monitor user and entity behavior on their networks. It is designed to help organizations monitor their network users, applications, and devices, which helps them identify anomalies in user behavior and detect malicious activities.

According to IndustryARC, the Global User and Entity Behavior Analytics industry is expected to touch $5.2 billion by 2026. The figures indicate that this industry is growing in popularity among businesses across the globe because of its ability to help them identify malicious activity and take preventive measures against it.

Endpoint Detection and Response

Your organization is at risk of digital fraud. The best way to mitigate that risk is with Endpoint Detection and Response (EDR), which can help you detect and respond to the threat of malware, ransomware, data breaches, and other digital threats.

EDR is a software platform that monitors an organization’s network for signs of cyberattack activity. It works by collecting the signals from all your endpoints, whether it’s laptops, desktops, tablets, or mobile devices, and then analyzing them in real time.

The solution can also be used to monitor third-party vendors who have access to sensitive information about your employees or customers. Because it’s easy to integrate with existing security systems and provides near-instant alerts when something suspicious happens in your network or on a device connected to it, it helps organizations quickly address threats before they become major incidents.

As per Allied Market Research, the Global Endpoint Detection and Response Market Size garnered revenue of $1.9 billion in 2021 and is likely to touch $18.3 billion by 2031. This highlights that EDR is becoming more important for organizations as they seek to mitigate digital fraud associated with their employees’ use of corporate computers or mobile devices.

Multi-Factor Authentication

Multi-factor authentication is a technology that helps organizations mitigate digital fraud by providing additional security for their employees, customers, and partners.

It is a form of identification or verification that uses two or more methods to prove one’s identity. This can include something you know (user ID and password), something you have (in this case, an authentication app on your smartphone), and something you are (a fingerprint or iris detection).

Multi-factor authentication helps organizations mitigate digital fraud because it makes it harder for hackers to gain access to their systems. Additionally, it makes them feel safe because they know that even if someone gains access to their account, their data is safe.

According to Transparency Market Research, the Global Multi-Factor Authentication Market reached $10.30 billion in 2020 and is likely to reach more than $51.37 billion by 2031. The figures imply that organizations are investing in this technology to protect their data and prevent digital fraud from happening.

In Conclusion

We hope that the four technologies we’ve discussed and the information provided in this article will help you in your quest to mitigate digital fraud. We believe these technologies are going to be key to keeping your organization safe and secure in the future, so make sure you’re keeping up-to-date with them.