The power of data intelligence in fraud prevention
By 2024, the amount of data generated will be greater than 150 Zettabytes – over three times as much created this year. Fraudsters also have access to large data sets and unprecedented access to sophisticated tools and forums. To fight fraud, firms must work with a partner that can leverage the insights of a vast risk intelligence network to out-maneuver the fraudsters.
The ability to gather actionable intelligence from data is now one of the greatest competitive advantages a firm can have. Each year, more data is generated, and in the next four years the amount of data generated each year is expected to triple, from over 50 Zettabytes to more than 150 ZB. By efficiently leveraging data, businesses can launch products that are more likely to retain their customers and attract new clients from competitors. However, firms are not the only entities that have access to the new troves of data. Fraudsters — equipped with out of the box tools and dark web marketplaces where they purchase terabytes of data and with ready access to stolen identity information — have never been better positioned to defraud global firms.