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November 30, 2022

BIG DATA: A KEY TO PREVENT FRAUD IN YOUR BUSINESS

BIG DATA: A KEY TO PREVENT FRAUD IN YOUR BUSINESS

Surely you have heard the term Big Data a lot; This process has become fundamental for companies since they currently have a vitally important relationship with technology. Businesses seek to improve the performance of their activities by this means. But do you know what it is?


Big Data is a term that describes the sheer volume of data that floods businesses every day. Analysis of such large data sets becomes impossible for traditional review and processing methods.


The ability to study different types of data at high speed makes Big Data one of the fundamental processes for any company or organization today. The real importance for business is how this data is used. It can be analyzed for insights that lead to better decisions and strategic business moves.


WHAT IS ITS USE?

In just a few years, Big Data has managed to break down barriers that seemed impossible to overcome. We can see its advantages in studies to improve recommendation systems, optimization of Machine Learning and Artificial Intelligence programming and even in the prevention of fraud in your company.


What makes Big Data so useful for businesses is the fact that it provides answers to many questions that businesses didn't even know they had. In other words, it provides a reference point. With such a large amount of information, organizations are able to identify problems in a more understandable way.


Collecting vast amounts of data and looking for trends within the data allows businesses to move quickly, smoothly, and efficiently. It also allows them to eliminate problem areas before the problems kill their profits or reputation.


Some of the tangible benefits are:

  • Smarter business moves, more efficient operations, higher profits and happier customers.
  • Reduction of costs and identification of more efficient ways of doing and closing business.
  • Ability to measure the needs and satisfaction of users.
  • Prediction of trends and recommendation of new products.
  • Detection and prevention of fraud in any industry that processes financial transactions online.
  • Use of financial market transaction information to more quickly assess risk and take corrective action.

 

HOW BIG DATA HELPS IN FRAUD PREVENTION

Within the various applications of Big Data there is a special potential for fraud prevention. Its different tools are exploited by expert analysts to know in real time the data that is generated in the interaction of people with businesses and thus discover patterns or events that indicate fraudulent activities.


Anti-fraud tools have undergone a significant evolution thanks to disruptive technologies such as Artificial Intelligence and Machine Learning that make Big Data analysis possible so that fraud detection is automated and security engineers dedicate themselves to more important tasks or very specific cases .

With this you can go much further than just creating a set of security rules. The interesting thing about using Big Data in fraud prevention is the possibility of analyzing the data in real time or even building predictions to prevent it from happening by collecting key information from millions of users about past transactions and purchasing habits.


THE BEST DEFENSE IS PREVENTION

There is much talk about protecting users when making online payments; however, it is really important that businesses protect themselves equally against fraudsters who daily innovate ways to defraud.


The technology used by Bayonet increases your sales by improving your customers' shopping experience; this thanks to the reviews carried out in milliseconds to approve or decline a transaction. This is why automated analyzes are the safe bet for online businesses.


In this way, you not only prevent fraud, but also increase your payment acceptance rate. You reduce the number of false positives as the technology can indicate that the user is trustworthy.


Our technology quickly aggregates and analyzes information, so pattern and fraud detection is more accurate and elevated.

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