How Cloud Technology is Preventing Fraud

Banking CIO Outlook | Friday, November 15, 2019

Companies began building a system-wide accountability culture that is rooted in honesty, integrity, and transparency with cloud-based technologies.

FERMONT, CA: Cloud-based communications platforms continue to gain popularity among businesses, providing attractive cost reductions and flexibility to service providers. Nevertheless, as a comparatively new technology, cloud communications are becoming the target of sophisticated methods of Fraud, with cases involving the misuse of communication services. A comprehensive solution is needed to protect against Fraud and associated revenue loss.

Luminate is a platform by Equifax for preventing Fraud. Luminate uses advanced analytics, machine learning, artificial intelligence, and data orchestration to provide insight into risk management and help reduce fraud throughout the life cycle of the customer account. Fraudsters have become more nuanced today. According to Aite Group, software fraud in the U.S. is expected to rise to nearly $2.1 billion in 2020. The rise in Fraud requires organizations to go beyond existing solutions when addressing different types of threats and attain the ability to respond to the continually changing fraud landscapes.

Top Mobile Banking Technology Solution Companies

The Luminate platform addresses the issue of Fraud comprehensively by integrating a wide range of data sources to train the system, detect Fraud, and adapt to emerging trends of Fraud. Luminate provides businesses with a path to quickly integrate and enhance their existing fraud prevention processes and assets through a simple Application Program Interface (API). 

With Luminate, Equifax blends unique data, technology, analytics, and a passion for helping customers generate insights. It understands that risk management requires a more in-depth view of the credit health of customers in a dynamic economy. By combining our industry-leading credit data, the company provides a more transparent, comprehensive picture of creditworthiness.

Check out: Top Cloud Technology Solution Companies 

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