Imagine losing $1.5 million to fraud — that is, in fact, what an average financial fraud costs a company. In addition, the constant threat of vulnerabilities in cybersecurity is being exploited by unscrupulous hackers, which is terrifying not just for individuals but also for businesses. For companies to function smoothly without the risk of potential fraud, a robust, pre-emptive, and future-ready combat system is non-negotiable. Changing Fraud Detection With the dawn of the digital era, things have changed rapidly. But, unfortunately, while technological advancements have transformed the world around us in more ways than one, the other side of the coin is becoming uglier by the day. For example, business-related frauds have increased alarmingly, but the nature of these cases has demonstrated how smart technology can be susceptible to large-scale cyberattacks. The IoT Connected World As the Internet of Things (IoT) becomes a reality, we are now living in a more connected and integrated world than ever before. While not every industry has embraced IoT wholeheartedly, most have and are now grappling with various risks associated with potential fraud. In a bid to rapidly achieve their digital transformation goals, the security aspect has been slightly ignored by many businesses. While the IoT infrastructure offers a host of convenience, collaboration, and productivity benefits, it poses grave security threats, including direct attacks on IoT devices and IoT devices–generated data privacy issues. Even the most secure of IoT devices, networks, and systems are susceptible to malicious activity. Here are some examples of looming cybersecurity threats.