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Growing Globalization, more competitive markets, and COVID-19 has accelerated the pace of digital transformation causing an increase in the demand for technological developments within organizations. This has led to an increase in the fraudulent practices, and have provided people intending to commit fraud with new scenarios and new methods to carry out these activities. Fraud and misconduct can seriously damage the reputation for integrity leading to decline in market confidence and public trust. It can also expose businesses to legal, regulatory, and reputational damage. Therefore, it is essential for businesses to take a strong and proactive stance against fraud and develop a robust mechanism to combating fraud and protect itself from increased vulnerability.

Integrating technological solution that can detect fraud at the very early stage and can prevent it from happening is the very crucial step that every businesses needs to take. Artificial Intelligence (AI), Biometrics & Big Data analytics are playing a critical role in fraud detection & prevention across various industries. It can also provide standardized processes that integrate large quantities of transactional data allowing to monitor, control, manage and optimize processes, ensuring revenue assurance and risk management in real time.