When a problem has solutions in the modern era, the solutions to have to face hurdles of risks and even frauds. Thus, the implementation of such solutions makes it an important concern to provide assistance for protective services. Today, such companies have gained much importance. The protection concerns mostly tend to have been observed for transactions – which include digital transactions fault and fraud investigation mechanisms and many others.
To make available these services, many companies have come into existence. One of the most trusted Indian company, Digital Harbor is a fraud prevention service company dedicated to identifying fraudulent transactions i.e., may include e-commerce transactions, etc that will end up in lost revenue and chargebacks. These services analyze a huge amount of information from many sources to make a recommendation of order approval. It ensures a SET (Social Enterprise Technology) Universal platform which helps to organize relationships and analyze stakeholders, Workers, users, and many shares knowledge seamlessly. SET consists of three different sections where responsibilities and most of the kind-of activities are categorized
- Social case: It is made in such a way to capture and store data pertaining to one or more party/transaction, while enabling collaboration between the user, stakeholders which are present, and application, to share while chatting related to cases which are considered
- Social form: A general business conversational entity which deals with breaking-up complexities provides intelligent techniques.
- Social analytics: They helps people in making an applicable opinion about the under-evaluation cases by detecting all the anomalies proactively and by recommending the best possible path to achieve the goal.
It was digital harbor which promoted KYC (Know Your Customer) and KYP (know Your Provider) schemes which use various documents and other utilities so as to verify the existence of legal customer. They not only focus on decision making but performs an intelligent -package of services and products are designed in that way.
These types of companies tend to combine legal and business information with the help of analytics and technology to advance the law and help confidence-building between various tools.
They tend to provide powerful, new-ever emerging decision tools that apply advanced techniques like machine learning, natural language processing, visualization, and artificial intelligence to the global legal database. The main aim of such companies is to improve decision-making and outcomes and generate value for their organization.
They help organizations utilize their data so they can efficiently and cost-effectively succeed in the new era. It tends to have a higher purpose; they help develop advance law for transactions which is peacebuilding. Following are various features listed:
- Payment Accuracy.
- Quality Improvement.
- Risk Adjustment or management
- Performance Analytics solutions
- Using advanced tools for decision-making increases the accuracy of decision
The applied use cases or applications are including fields such as healthcare, financial services providers, insurance and government including other sectors.
As technology is under the growing stage, risks and faults can be fatal for development and further estimations. It is better to consider a proactive approach rather than reactive. Also, such companies may be beneficial as they tend to accommodate more large-scale products differentiated according to services and needs. They must be used to consider proper planning and indulging sense of erroneous task execution.