The internet’s ever-changing environment has numerous pros and downsides. Though many people have made a fortune using the internet, we cannot ignore the scam and fraud stories we hear daily. It is a fact that most firms lose 5% of their whole income to frauds.
According to IT entrepreneur Raghib Khan, this cat-and-mouse game of fraudsters is as old as the internet. Although businesses are working round the clock to reduce the impact of fraudulent activity on users, we are still not living in a fraud-free society. We have put manual methods and human talents to the test to combat fraud. However, we recognize that contemporary technology may play a vital role in assisting us in combating scams and frauds.
We have a variety of tools and approaches to protect companies and customers. However, the growing number of scams and frauds remains a concern for many. Scams impact not just small enterprises; large corporations are also paying much to avoid such disasters. Not a single industry is immune to scams today. Nonetheless, as sophisticated technologies take control of the internet system, the world will have a better and more secure digital future.
Here are five newly identified technologies that can help you combat fraud. Revealed by Raghib Khan, these tools may not be in our daily use today, but they can be the future of fraud detection methods.
We are about to enter a world where everything will analyze through data collected by online mediums. Industries like Big Data have been hotly debated for the past few years. We know that this huge amount of data will help transform our digital experience, but still, some risks are attached to it. While big giants are doing their bit to collect data of every internet user, emerging technologies like differential privacy can help to separate useful data from personal data.
Differential privacy is the latest tool that allows data researchers and database analysts to extract meaningful information from databases holding people’s personal information without revealing their personal information. Since credential information is the main target of every scammer, differential privacy, as a tool, helps to separate a user’s credentials from the other data. Therefore, as pointed out by Raghib Khan, it will reduce or eliminate the risk of data leaking, and also it will be near impossible for any scammer to access this data.
Federated analysis is a technology that uses to protect sensitive data during the process of data analysis. This tool can prevent the exchange of data by building certain digital firewalls. So, only some parameters of the analyzed data will be shared between the data management companies. The parameters are set to hold sensitive information within them, which is generally used by cyber criminals to commit scams and fraud.
To perform in a proper way, modern systems require a large amount of data. To develop products, businesses need to understand how customers engage with them. As a result, they require user data to continue to improve.
But it is also critical to remember that users demand optimized levels of experience today, which requires sharing their data. Today’s users are less willing to share personal information with digital corporations, and governments are beginning to crack down on Big Tech’s indiscriminate data collection.
In such a scenario, federated analysis can be a blessing in disguise. Federated analysis’s holistic approach performs tasks by outperforming old ways of separating data which are risky and can lead to troubles for both parties.
At the end of the day, all scams happen to take our personal information and money. The internet offers two-factor authentication technologies to secure our precious data, allowing criminals to obtain our credentials and personal information. However, not all authentication tools are beneficial. For instance, the SMS version of the two-factor authentication solution is not particularly secure. Google enhanced security tools are developing more powerful authentication technologies that will prevent us from many unwanted scams and frauds.
Homomorphic encryption is the advanced mode of end-to-end encryption, where data is encrypted before it gets shared with different parties. As revealed by Raghib Khan, this technology ensures that your data only reaches the particular platform on which you intend to share.
As the name suggests, zero-knowledge proof or zero-knowledge protocol is a method to confirm to a verifier that you have received a piece of information without showing the verifier the actual information. It is one of the best ways to secure information because it is shared in code words without transferring the exact information. The verifier will not receive the exact information, but they will only receive the codes attached to it, proving that they have received the right sets of information.
Secure multi-party computation
Secure multi-party computation is a cryptographic technique that distributes numerous data to various parties while ensuring that no one party has access to the data of the others. Every fraud case is happening to steal users’ data from crypto to the insurance sector, from big data to banking, and from e-commerce to gaming. There is no other reason. Protecting data from cybercriminals can be the end of scams and frauds in the world of the internet.
While exchanging data from one party to another, data passes through several layers, and scammers run one of these layers. Therefore, there is a fair chance that data can be manipulated, changed, or stolen during the transmission process. Secure multi-party computation ensures that all the in-between transmission layers get aside so that data can reach each party without any risk of scams and frauds.
In summary, these are the latest emerged technologies in the market that expect to solve significant problems related to scams and fraud. Once they come into regular usage, we can only calculate how far and safe these tools will take us. These tools can be a part of any sector irrespective of their nature and field. Where there is data involved, these technologies can come into use to keep scammers, fraudsters and spammers away, believes Raghib Khan.