Several modern technologies can significantly enhance fraud detection efforts:
Artificial Intelligence (AI): AI can analyze vast amounts of data to detect anomalies and predict fraudulent behavior. Machine Learning (ML): ML algorithms can learn from historical data to identify patterns indicative of fraud. Blockchain: Blockchain technology provides a transparent and immutable ledger, making it difficult to alter transaction records. Biometrics: Biometric authentication methods, such as fingerprint or facial recognition, can prevent unauthorized access.