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Online fraud detection systems are broken #security #frauddetection

Tue, 24 Aug 2021 06:38:00 +0000

Online infrastructure service providers especially the cloud providers ban the customer accounts at whim often due to flawed, outdated fraud detection systems.

There are numerous horror stories[1][2][3] from customers on how their accounts were banned for no apparent reason without proper recourse.

There are genuine cases of fraudulent activities happening using the cloud infrastructure, but the current mechanisms used to identify those activities are inefficient and therefore genuine customers who haven't done anything wrong get caught up in it. I presume both the service providers and the customers would like to get this need-gap addressed.

3 points posted by Russel

Invoice fraud #billing #frauddetection

Mon, 10 Feb 2020 12:03:00 +0000

Recently, a manager in the company I work for got caught for siphoning off money via fake invoices to the company. I came to know via my friends that this is a common occurrence and has occurred in some of their companies as well.

There are different types of invoice fraud, employee perpetrated fraud seems to be one of the common ways. Some has even gone to the lengths of setting up fake business to bill out $6 Million from their employer.

In other forms of invoice fraud, criminals convince account payable of businesses to payout a false invoice; even behemoths like Google and Facebook have fallen victim to this. Invoice fraud is said to cost small businesses Billions every year.

I think there is a need gap in detecting false invoices and streamlining the process of invoice payments altogether.

2 points posted by Doku

Detecting phishing websites #cybersecurity #frauddetection

Thu, 15 Jul 2021 13:53:00 +0000

I recently came across a website phishing Indian Govt.'s Income Tax website on the top of Google search results. If such high value, thoroughly scrutinized websites can be phished and even make it to the top of Google search then surely there's a need-gap in the existing phishing detection systems.
1 points posted by Abishek Muthian