It’s no secret financial Internet fraud is a growing problem. In the second quarter of 2017 alone, account takeovers grew 45 percent and cost $3.3 billion in losses. In a world where fraudsters have the upper hand, traditional detection methods are no longer enough. Consolidating your fraud and cybersecurity capabilities into a single, integrated process can help your organization level the playing field and fight fraudulent cybercrime more effectively.
The Problem with Traditional Financial Fraud Detection Methods
- They’re siloed—Cybersecurity and fraud teams speak different languages, have different workflows, and stick to their own space.
- They’re reactive—Static, compliance-based controls activate after fraud occurs, leaving less time to track and escalate an incident before organizations suffer losses.
- They can’t detect advanced fraud methods—Static controls fail to detect anomalous behavioral patterns, a critical component of identifying fraud attempts that use legitimate credentials to access accounts.
- They’re inefficient—Manual workflows on multiple consoles, applications, and tools lack few repeatable processes and increase response and recovery times.
Fraud Fusion Centers: The Optimal Solution Against Internet Fraud
A fraud fusion center gathers fraud analysts, cyber threat intelligence, and cyber analysts to address fraud together. These centers are supported by a continuous loop of information exchange within a single ecosystem of technology, processes, and documentation.
- Proactive, not reactive—Fusion center analysts anticipate threats before they happen by detecting indicators of attack and threat tactics, techniques, and procedures.
- Enhanced detection—Fusion center employees share data across teams and build alert requirements together. This helps teams identify patterns of suspicious activity across multiple channels and domains that would otherwise go undetected.
- Increased efficiency—Fusion center experts combine intelligence feeds with customer profiles, behavior data, and fraud solutions to increase operational efficiency. Sharing indicators of compromise increases triage and response speed.
- Continuously improving—Insights enabled by cyber intelligence helps reduce false positives and optimize fraud operations.