Big Data — creating a whole new world order!
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In this sponsored article, Dmitry Dolgorukov, CRO and Co-Founder of HES FinTech, suggesets that to effectively combat fraud, microfinance institutions must establish robust fraud detection systems. Early detection and prevention of fraudulent activities are vital in minimizing financial impact and safeguarding the funds of vulnerable customers. Microfinance institutions face a significant menace in the form of fraudulent activities, endangering their provision of financial services to underserved communities. Fraud not only leads to substantial financial losses but also erodes trust in the system, impeding the mission of microfinance institutions to foster inclusive growth and alleviate poverty.
Compliance programs must use robust technology and data analytics to assess their own actions and those of any third parties they do business with. At the very least, companies are expected to be able to explain the rationale for using third parties. This is a compliance game-changer. Historically, organizations could argue that they simply did […]
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