The fraud detection and prevention (FDP) space has grown significantly, driven by the frequency, sophistication, and volume of fraudulent attacks. The increase in digital transactions as well as companies’ digital transformation initiatives have created a large attack surface. Businesses are adopting FDP solutions powered by artificial intelligence and machine learning to protect sensitive data and ensure compliance with regulations such as the General Data Protection Regulation and Payment Card Industry Data Security Standard. AI and machine learning enhance solution capabilities, offering real-time monitoring and analysis of transactions, pattern identification, biometric authentication, behavioral biometrics, device intelligence, and more.

Know your customer (KYC) is an essential component of the FDP framework. KYC solutions verify customers’ identities to mitigate risks associated with fraudulent activities and illicit financial transactions. Vendors may use information such as name, address, date of birth, and government-issued IDs to assess a customer’s risk level based on profiles and activities.

• How can you implement robust KYC best practices to protect your organization from fraud and build trust with customers and regulatory authorities?
  
• How can you gain a competitive edge over major companies transforming the FDP landscape?
  
• Which opportunities showcase immense potential, and how can you optimize your growth strategies based on the competitive profiles of top participants?