Fraud Prevention

Fraud prevention refers to the strategies, practices, and measures implemented to detect, deter, and reduce the risk of fraudulent activities. It encompasses a range of actions taken by individuals, organizations, or systems to identify and mitigate potential fraud before it occurs or to respond effectively when it does. This can include the use of technology, such as software tools and algorithms to monitor transactions, as well as policies and procedures, such as verification processes, employee training, and customer awareness campaigns. The goal of fraud prevention is to safeguard financial assets, maintain the integrity of systems, and protect the interests of stakeholders from criminal activities such as identity theft, financial scams, and other forms of deception.