FS-ISAC Releases Cyber Fraud Prevention Framework to Strengthen Collaboration Between Fraud and Cybersecurity Teams

Reston, VA, US, April 1, 2025 – To help financial firms prevent fraud attempts on their companies and customers, FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, has published Leveling Up: A Cyber Fraud Prevention Framework for Financial Services.

The Framework provides an actionable model to strengthen collaboration between cybersecurity, fraud, financial crime, and anti-money laundering (AML) teams. Organizations can leverage the Framework’s fraud response protocol to identify vulnerabilities earlier in the attack lifecycle, enhancing threat visibility and strengthening fraud controls.

“The interconnectedness of fraud and cyber threats is intensifying, and financial firms cannot afford for their internal teams to operate in silos,” said Linda Betz, Executive Vice President of Global Community Engagement, FS-ISAC. “This structured approach to information sharing and collaboration empowers teams to identify and disrupt cyber fraud schemes. This helps financial firms strengthen their collective defenses as well as safeguard the reputation and financial assets of the sector.”

The Framework breaks the lifecycle of a cyber-fraud attack, i.e., fraud conducted on cyber channels, into five phases:

1. Reconnaissance: Threat actors gather intelligence, set up infrastructure, and plan for attempted fraud.
2. Initial Access: Attackers gain a foothold for fraud against a consumer, financial services institution, or other entity, such as a third-party vendor.
3. Positioning: Threat actors manipulate account information, credentials, or payment details to prepare for fraud execution.
4. Execution: Stolen data is monetized through unauthorized transactions or fraudulent fund transfers.
5. Monetization: The stolen funds are transferred to the threat actor.

These phases give teams a common language to share fraud information, enabling them to coordinate their activities. The Frameworks suggests firms analyze fraud from multiple angles to pinpoint vulnerabilities and deploy controls earlier in the fraud lifecycle.

"The Cyber Fraud Prevention Framework is crucial for enhancing our team's ability to prevent, detect, and respond to fraud, marking significant progress in the cyber fraud domain," added Dave Daniel, Vice President of Cybersecurity Operations, Nationwide Mutual Insurance Company.

By unifying teams, leveraging intelligence at every attack stage, and implementing targeted fraud controls, organizations can uncover the origins of an attack and anticipate future fraudulent activity before schemes are fully executed. The Framework also provides recommendations on how to effectively share fraud intel with peer firms to strengthen the defenses of the entire financial sector.

Download here.

About FS-ISAC

FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization’s real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector’s collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.

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