What Is a Collective Intelligence Network and Why is it Good For Fraud Prevention?

Put simply, collective Intelligence is the difference between a drop of water and an ocean. It is the ability for a system to not just rely on one data point, but to encompass an entire array. You can have information about every dimension of a snowflake, but that won’t help you forecast a snowstorm. The three elements of a a strong intelligence network all add up to a powerful fraud prevention system.

Collective Intelligence 

Just as IQ is a common metric for the intelligence of a single person, collective intelligence is the brainpower of an entire community or population — a collective. The concept of leveraging a large group in order to achieve a greater degree of success than is possible with a smaller group is not new. The benefits of the collective are most clear in various forms of artificial intelligence. The concept is time-tested. The best way to build a house is not by a single person with a hammer and some nails. With enough people collaborating on a single goal, you can accomplish feats like building a barn in a single day. 

The Power of Networks

The most powerful example of collective intelligence is in use every day by millions of people: Google. The search engine has used this technology for years to build its unrivaled search algorithm. This algorithm crawls the web for information sourced from billions of points of data. Consequently, this combination enables users to share knowledge and unite their individual intelligence under one collective. This creates a network of interconnected points of reference that accomplish far more than any individual.

The Fraud.net Difference

Similarly, collective intelligence design can be used in fighting fraud by applying artificial intelligence and machine learning to the task of analyzing billions of data points. Each data point tells a story of its own. Furthermore, when combined reveal insights that were previously invisible. An intelligence network built for that purpose will notice fraud taking place that a single observer might miss.

At Fraud.net, our systems can compare transaction details to billions of data points captured by a global anti-fraud network. Fraud.net can detect fraud that systems have never seen before. Get in touch with us today to learn more.