Development and Implementation of Systems to Combat Fraud in Financial Transactions

Abstract

In today's world, online transactions are an integral part of most people's lives, making financial fraud a serious threat to companies that deal with online payments. Each year, losses from fraud continue to grow, reaching billions of dollars, as fraudsters constantly refine their methods. This article highlights key challenges that companies may face when combating fraud, such as phishing, identity theft, or insider attacks, as well as fraudulent schemes involving fake orders or chargebacks. It also provides an in-depth look at effective ways to build anti-fraud systems that protect financial transactions and reduce risks. Special attention is given to the use of modern technologies such as artificial intelligence, big data analytics, and blockchain. These technologies help identify anomalous activities through real-time data analysis and take action to fight fraudulent transactions. A crucial part of anti-fraud systems is data collection and processing, transaction monitoring, and the creation of tools for reporting and responding to suspicious activities. In addition to technical matters, the article emphasizes the need to ensure the scalability and security of anti-fraud systems. This includes protecting data using modern encryption protocols and complying with security regulations. This article provides a step-by-step guide for implementing anti-fraud systems into a project, which will be useful for both large companies and small to medium-sized businesses.