The growing sophistication and menace of fraud perpetrators mean you can no longer get by with what worked in the past. Our changing environment and the increasing cooperation of fraudsters call for innovative technologies, new practices, and paradigm shifts regarding fraud management. Transforming fraud prevention is about making your organization more cyber-resilient.
To achieve this greater resilience, your organization needs to do the following:
- Leadership taking a more proactive instead of reactive mentality
- Implementing a holistic approach to security that is not 100% dependent on technology
- Utilizing advanced security prevention technologies
- Partnering closely with other functions
Now is the time to act and implement new technologies and tactics to improve your fraud management in 2021.
Year in Fraud: Six Fraud Prevention Technologies and Tactics
Create more cyber-resiliency in your enterprise by implementing the following initiatives:
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Embracing Collective Intelligence
- One key element in increasing cyber-resilience can be counter-intuitive – collaboration with other organizations and utilizing data consortiums to help detect and prevent fraud. Organizations are understanding the need for a paradigm shift, utilizing data sharing to help them in the battle against fraud. Working together with other organizations, provides a much deeper and richer data set to track and prevent fraud. The growing menace of the Dark Web and increased collaboration by the bad guys makes data consortiums a critical element in fighting fraud.
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Continuing Digital Transformation
- One of the “positives” from the pandemic and the increase in fraud is the acceleration of digital transformation initiatives. The rapid change to a remote workforce was a significant driver for increasing agility and automation. Cybersecurity efforts paralleled this movement, with an increase in the implementation of AI/ML and other advanced security measures.
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Taking the Next Step on Artificial Intelligence and Machine Learning (AI / ML)
- One of the key next steps in combating fraud through AI / ML is utilizing deep learning. With massive amounts of transactions flowing through systems, deep learning offers the ability to near-instantaneously detect subtle changes in patterns that are often the hallmark of fraud.
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Employing Entity Analysis
- Complementary to the above technologies is entity analysis. With criminal collaboration increasing and the dark web expanding, identifying relationships between the actors and the compromised data is a critical tool in preventing and controlling fraud.
- It can be the difference between containing an initial fraudulent action and a full-blown disaster for your organization.
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Implementing Zero Trust Model
- Many firms are turning to a zero trust model to suppress the expanding fraud landscape. While there are many challenges in moving to this model, the increasing COVID-driven fraud makes it an approach your organization needs to consider.
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Improving Employee Training
- Updating your employee security training for the new and expanded threats brought on by the pandemic is critical to help contain the growing fraud threat. Experts suggest the following changes:
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- Utilizing a strategy involving “more training – less scaring,” to drive real change in behaviors, not short-term reactions
- Expanding the formal curriculum to include new and escalating threats
- Incorporating more guidelines on leisure browsing
- Providing workers with simple pattern recognition skills regarding potential threats
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Hopefully, a silver-lining from the pandemic and the explosion in fraud is for your organization to take a more proactive and integrated approach to improve its fraud defenses in 2021.
Find out how to strengthen your fraud prevention in our eBook “Fraud During the COVID-19 Pandemic: A Year in Review”
Enterprise Strength Fraud Prevention
An essential part of digital transformation is utilizing AI-powered fraud management with advanced machine learning capabilities. Your organization will make smarter, faster decisions with more control and less time gathering data and more analyzing.
Fraud.net offers a real-time, enterprise-strength fraud prevention and analytics solution organized for business customers’ needs. We deliver the world’s most advanced infrastructure for fraud management – powered by a sophisticated collective intelligence network, world-class artificial intelligence, and a modern, cloud-based platform.
Learn more about how Fraud.net’s global collaborative network, along with our fraud prevention and analytics platform, can support your management of cyber risk.