2015-10-25T12:50:03Z
Ariel Lindenfeld - PeerSpot reviewer
Director of Community at PeerSpot
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When evaluating Fraud Detection, what aspect do you think is the most important to look for?

Let the community know what you think. Share your opinions now!

1
PeerSpot user
1 Answer
it_user957858 - PeerSpot reviewer
Senior Marketing Program Manager at Kount
MSP
2018-11-09T16:27:59Z
Nov 9, 2018

How transparent is the company on fraud risk analysis and what is the level of data that they share back? Because you should be able to 1) control who you do business with and 2) there is a tremendous amount of business intelligence that you can obtain from a good fraud detection platform (you can use that to grow profits).

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Evgeny Belenky - PeerSpot reviewer
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What is it and how can you practically use it in your organization? 
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Shibu Babuchandran - PeerSpot reviewer
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Hi @Evgeny Belenky ​, Cognitive security can be interpreted as the application of AI technologies patterned on human thought processes to detect threats and protect physical and digital systems. Like other cognitive computing applications, self-learning security systems use data mining, pattern recognition and natural language processing to simulate the human brain, albeit in a high-powered computer model. Such automated security systems that are designed to solve problems without requiring human resources. Machine learning algorithms make it possible for cognitive systems to constantly mine data for significant information and acquire knowledge through advanced analytics. By continually refining methods and processes, the systems learn to anticipate threats and generate proactive solutions. The ability to process and analyze huge volumes of structured and unstructured data means that cognitive security systems can identify connections among data points and trends that would be impossible for a human to detect. Cognitive security may be particularly helpful as a way to prevent cyberattacks that manipulate human perception. Such attacks, sometimes referred to as cognitive hacking, are designed to affect people's behaviors in a way that serves the attacker's purpose. Cognitive security efforts in this area include non-technical approaches to making individuals less vulnerable to manipulation as well as technical solutions designed to detect misleading data and disinformation and prevent its dissemination.
Rony_Sklar - PeerSpot reviewer
Community Manager at PeerSpot (formerly IT Central Station)
Apr 1, 2021
In your experience, what fraud detection tool is the most effective? 
See 2 answers
AS
User at netready
Mar 19, 2021
FICO, Lexis Nexis Threath Metrix. 
DL
User at First Republic Bank
Apr 1, 2021
It depends on what product/service you are trying to detect fraud on. Generally speaking the best approach is a layered one that utilizes information from various data points to asses the fraud risk and alert accordingly.
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