Unmasking Fraud: Dynamic Controls for an Ever-Changing Threat Landscape

 

 

Financial institutions face an escalating fraud epidemic requiring more than static defenses. 

We collaborated on this whitepaper with our partner Fintrail to highlight the necessity of dynamic, layered controls across the entire customer lifecycle. 

We explore practical, tech-driven strategies to combat diverse and evolving threats—from sophisticated identity fraud and APP scams to account takeovers and money muling.

 

Key topics covered:

1. The Escalating Fraud Landscape: Understanding the scale of the fraud epidemic, the increasing sophistication of criminals (including OCGs and fraud-as-a-service), and the mounting regulatory pressure (e.g., PSR, FCA).
2. The Imperative of Layered Defense: Why no single control is sufficient ("no silver bullet") and the need for a holistic, dynamic approach combining multiple controls across the customer journey.
3. Strengthening Controls at Key Stages: Deep dives into enhancing onboarding (IDV, document forensics, behavioral checks) and transaction monitoring (real-time prevention, post-transaction detection, APP/BEC scam focus).
4. Leveraging Technology and Collective Power: Exploring the role of AI/ML in pattern recognition, behavioral analysis, predictive modeling, and network analytics, plus the enhanced power gained by combining insights from different controls.