In This Article
- The Rising Cost of Social Security Fraud
- AI and Blockchain Can Reinforce Fraud Detection
The advanced technologies are working together to fight against issues like social security fraud and theft. Online transactions and payment systems are the most convenient and safe ways of offering social security, but just like we make our systems safe, the frauds are also becoming powerful and advanced, which is causing serious issues.
Artificial intelligence and blockchain technologies are making the systems powerful enough to deal with such frauds and other malware attacks. Recently, President Donald Trump has vowed to take strict actions against such frauds and make policies to deal with the issue. He has brought the issue into the spotlight and highlighted the importance of dealing with such issues.
The Rising Cost of Social Security Fraud
According to the Social Security Administration (SSA), several frauds and improper payments are reported every day, and this ratio is increasing day by day. Similarly, a government report indicates that over $8 billion in social security benefits are issues in a single year of 2022. Not only improper payment methods, but error in the payment is also a big cause of such issues.
The payment problem intensified with time because of the rise in cybercrime ratios. Moreover, the falsified claims can be converted into the spophisticated ones using the experts in the cybercrime.
To understand the main issue and secure the websites and apps, it is crucial to use the latest technologies to deal with the latest issues. Weborik Hub is the platform providing the services to integrate technologies like artificial intelligence and make the websites and apps more secure and profitable.
AI and Blockchain Can Reinforce Fraud Detection
With time, when fraud and other cybersecurity crimes are at their peak, the most advanced and efficient way to deal with the issue is to use AI or blockchain technologies. AI is dominating each sector, and the reason is the powerful algorithms and machine learning methods. Artificial intelligence studies the vast amount of data and can identify the patterns. As a result, any suspicious activity or weak point can be detected by AI.
Before the payments are done, the machine learning algorithms are able to flag the fraud activities and the sources of such issues. Therefore, when the payments are to be done, the machine learning algorithm in the systems tudies the details and reads if the payments are secure.
On the other hand, blockchain technology decentralized and tamper-proof ledgers. This field is offering a new level of data security and transparacy. This technology makes sure that every transaction is securely recorded in the system and is verified when payment takes place.
We are living in the digital world, and every payment must be secure and private. The rise in cybersecurity crimes shows the importance of the latest technologies, like artificial intelligence and blockchain solutions to deal with the errors.
