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Fraud Rules (Risk-Monitoring Rules)
Fraud rules, also known as risk-monitoring rules, are predefined criteria and conditions set within fraud detection systems that identify and prevent suspicious or fraudulent activities. These rules are based on patterns, behaviors, and anomalies proven to indicate potential fraud.
Fraud rules are essential for real-time fraud detection and prevention. By establishing specific thresholds and conditions, businesses can quickly flag and investigate transactions that deviate from expected behavior. Rules might include limits on transaction amounts, frequency of transactions, geographic locations, and unusual spending patterns.
Continuously updating and refining these rules based on strong analysis helps businesses stay ahead of potential threats, reducing financial losses and maintaining customer trust. Advanced fraud detection systems combine rule-based monitoring with machine learning for enhanced accuracy and adaptability.
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Fraud Detection Rules: What They Are & How They Impact Outcomes