Leveling Up:

How to Succeed at Organization-Wide Fraud Prevention

Fraud attempts are mounting and the financial and reputational losses are increasing. Yet preventing fraud is a constant challenge for financial institutions. Prevention often requires cross-functional communication and execution, but the intel is often siloed in cybersecurity, fraud, financial crimes/anti-money laundering, and other teams.

To help these teams coordinate and direct their fraud prevention efforts, FS-ISAC's Cyber Fraud Prevention Framework Working Group published a Cyber Fraud Prevention Framework specific to the financial services sector. This Framework is designed to help teams quickly gather and share information regarding fraud conducted on cyber channels, pool their knowledge, and maximize financial institutions' data and capabilities.

The Framework's impact can be dramatic - one bank saved hundreds of thousands of dollars a day, as a case study in the report details. Importantly, the Cyber Fraud Prevention Framework is also a mechanism for sharing cyber fraud information across the sector, making fraud prevention less challenging for everyone.