Transaction monitoring and fraud detection are crucial processes employed by organizations to safeguard against fraudulent activities and protect their assets. Transaction monitoring involves the continuous scrutiny and analysis of financial transactions to identify suspicious or potentially fraudulent activities.

To improve fraud detection, organizations also leverage external data sources, such as public records, watchlists, and industry-wide fraud databases, to identify potential risks and fraudulent actors.

Effective transaction monitoring and fraud detection systems not only mitigate financial losses but also protect the reputation of businesses and maintain customer trust. By promptly detecting and preventing fraudulent activities, organizations can uphold regulatory compliance, reduce operational risks, and safeguard their financial well-being.