Estimated reading time: 5 minutes
Fraud is one of the most significant issues facing businesses today. While companies have always faced fraud, detecting fraudulent activity has become even more challenging due to increased online transactions. Globally, fraud results in more than $3.7 trillion in annual losses (Murphy, 2022). Fraud comes in numerous forms, including but not limited to money laundering, identity theft, account takeover, and payment fraud. Due to the variety of ways companies can face fraud, they must have a system to protect themselves and their customers.
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