Securing the Digital Frontier: Why We Need Top Tools To Fight Cybercrime

The growth of the digital economy has surpassed all expectations, changing the way we do business forever. Online shopping, banking, and virtual transactions are routine, essential cogs in the machinations of our daily lives in business and in leisure.

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But while the increased speed and convenience accompanying online technologies are grounds for celebration, there’s a pretty stark downside lurking in the background.

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That’s because cyberattacks and financial fraud are fast becoming the crimes of choice for shady dealers out to make a quick buck at your business’ expense.

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To stay ahead, businesses need an array of tools to stop criminals in their tracks, including advanced AI-driven fraud detection and airtight identity verification protocols: but still ones that foster productive commercial relationships.

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Ensuring the legitimacy of the companies that your business works alongside or provides products and services for is critical and vice versa. The ramifications for not are clear: including brand damage, direct and indirect financial costs, legal and regulatory consequences, IP loss, operational disruption, supply chain disruption and impact on morale – to name a few consequences – so it pays to know exactly who you’re dealing with.

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Securing the digital frontier

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Digital Boom

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Global e-commerce sales are expected to hit $8 trillion by 2027, a number which underlines the value of business being conducted virtually and the fundamental role of trust amongst suppliers. This relates to retail, but beyond purchases there’s a colossal, diverse spectrum of transactions direct between businesses.

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Every new relationship alters the threat landscape of your organisation, potentially creating new vulnerabilities in the supply chain, so nothing should be left to chance when it comes to your KYB standards. 

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Cybercriminals are becoming more sophisticated, from data breaches to phishing scams, but less often recognised is that businesses risk financial and reputational damage when they associate with legitimate businesses too.

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Organisations act as unwitting conduits for cyber criminals, meaning that compromising one can cause others to fall victim. There’s potential for a domino effect from the fallout of a business failure, cyber-attack or reputational damage, dragging in partners and suppliers. 

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Cyberattacks Growing in Sophistication

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Cyberattacks have come a long way from the days of basic password hacks. Today’s criminals use advanced techniques, including AI, to launch more effective and harder-to-detect volleys of assaults on business. In some cases, the software used learns from and adapts to victim behaviour.

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A particularly scary trend is synthetic identity fraud, in which criminals create fake identities by mixing real and fake information. These synthetic identities exploit system vulnerabilities to open bank accounts, apply for credit cards, and carry out fraudulent transactions.

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Top tools to fight cybercrime:

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1. Enter AI

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Fraudsters use AI to scale up their attacks, so it makes sense to do the same to even the playing field.

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AI-driven systems use machine learning algorithms to analyse huge amounts of data in real-time, spotting patterns and anomalies that humans might miss. It allows for quicker and more accurate detection of potential threats.

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AI can monitor behavioural biometrics, like how a user types or moves a mouse, to create a unique profile. If something doesn’t match up, it raises a red flag. AI can also scan large datasets to find subtle signs of fraud, such as unusual spending or transactions from different locations within a short timeframe.

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2. Identity Verification

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Prevention is better than a cure, so detecting fraud is only one part of the battle. Verifying identities, for example, stops fraudsters in their tracks by ensuring people are who they say they are.

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AI-enhanced identity verification adds multiple layers of security, cross-referencing biometric data with other evidence, like, in the case of a potential business partnership, previous government filings and credit worthiness.

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AI is not without challenges. Privacy is a big concern, as is balancing the security of ID checks with convenience for whoever is taking part in them.

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But as digital transactions grow, between businesses and between individuals, robust fraud detection and identity verification are an increasingly essential ingredient of the cyber protection mix. AI-driven solutions are a critical advancement in fighting cybercrime, providing faster and more accurate responses to threats.

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3. Onboard. Verify. Protect.

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Protecting your company from these attacks is achievable but requires sophisticated technology; traditional fraud detection methods just can’t keep up with the volume and complexity of today’s digital transactions. 

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Copilot, by Detected, approaches the whole Know Your Business (KYB) process with three simple steps:

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1. Onboard - Accelerate the onboarding process for all your customers; while also acquiring essential information about them including company credential, registry documents and financial data. During the onboarding flow you can also verify directors and key individuals using the ID Verification module.
   
   
2. Verify - Using AI, automate the approval of the low-risk customers while also capturing additional data to verify and validate where compliance needs are more complex.
   
   
3. Protect - The ongoing monitoring, protection and alerts when the status of a customer changes is as important as the initial onboarding. Ongoing monitoring ensures safety throughout the customer’s association with your company.

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Conclusion

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The fight against cybercrime is ongoing. With digital transactions outweighing face-

to-face deals, advanced AI-driven fraud detection and identity verification aren’t just

nice to have, they’re fundamental. By embracing these technologies and addressing evolving threats, businesses and financial institutions can protect the digital frontier and ensure pain free growth with legions of satisfied customers and partners.

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With emerging technologies, including Copilot, by Detected, bolstering the fight against cybercrime the future looks bright. 

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To find out more about how Copilot can support your business, please get in touch with one of the team, we’d be very happy to provide you with a demo.