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02/09/2022

Why cybersecurity and anti-fraud teams need to collaborate

Help Net Security

Over the past couple of years, there has been unprecedented change in the world of financial services. The shift to online banking has accelerated the need for digital transformation. As a result, financial institutions are adopting a range of innovative technological solutions to ensure business continuity. But while the world’s leading financial services evolved, so did the criminals who use increasingly sophisticated methods to commit fraud.

Synthetic identity fraud

One emergent form of fraud – and one of the fastest growing crimes in the U.S. – is the creation of fake identities for massive thefts. In synthetic identity fraud (SIF), criminals combine information found on the dark web (account numbers, social security numbers), social media (names, identifying information) and other sources to generate phony identities.

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The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.

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Your electronic library to help in fighting financial fraud for all of our partners.

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