Business owners and customers demand a modern fraud detection system because different kinds of fraud and identity theft occur frequently and usually result in financial and reputational loss. Therefore, you can’t operate an online business properly without reliable risk management software. We will give you some helpful advice on detecting fraud and what anti-fraud solutions may be used.

Warning signs: how to check for fraud

Online operations may seem totally secure and safe. In the USA and in Europe many companies utilize them daily. If you also do this, remember to check for fraud according to the following signs:
  • Unexpected payments.
  • Inaccurate information and unknown accounts in the credit report.
  • You don’t get bills via mail. This is due to identity theft, which occurred when the billing address in the account was changed.
  • There are problems with checks in your account for no reason.
  • Bank or other official institution abruptly freezes your accounts.
  • You receive new credit cards without application.
  • The credit was unreasonably denied.
  • Notifications about denied credit without your application.
  • Calls from debt collectors about unknown to your purchases.
  • Notifications about changes of the personal data in your account that you did not make.
If something like that happens you definitely need one of the anti-fraud solutions in order to protect yourself.

The best anti-fraud decisions

Remember to take the following actions regularly to keep fraud in check:

Monitor the accounts

Account activity must be frequently checked for anything unusual. You can do it yourself or use risk management software. The latter option, Covery, for example, will check everything regularly, saving you time and providing the needed security.

Use online alerts

It’s better to turn on notifications about the critical actions related to your online account. Generally, a fraud detection system provides the possibility to get text alerts or emails in case of any strange events. You also can be notified about an account balance or new transactions. This is the solution not only to check fraud but also to stop it at the very beginning.

Use monitoring services

Such risk management software, as a unique monitoring service, will immediately deliver notifications about any changes in your financial report. This is the fastest and safest way to instantly check fraud and prevent it.

A reliable company like Covery combines all these methods and helps detect fraudsters and stay safe and secure while operating online.