Preventing Risk & Fraud: Collaboration is the New Answer
Uncertainty is everywhere in today’s business world. New threats from the fusion of fraud and cyber-security increase risk profiles in financial institutions. After all, that’s where the money is.
In this uncertain and complex world, collaboration is not just wanted – it’s a requirement for preventing risk and fraud. Because great things happen when we work together. We see this in the face of adversity, in a company meeting, or in a group project. Teaming up is not only a way to get things done, it’s also a better way to tackle challenges.
That’s why FiVerity created the Cyber Fraud Network, which allows:
- Highly regulated banks and financial institutions an efficient way to combat fraud,
- Individual players to leverage the fraud discoveries of others
- Competitors to gather fraud intelligence
- An aggrieved party to publish the identity of a bad actor without releasing customer personal information (PII)
- Regulatory, compliance, and enforcement arms to work together
- The industry a neutral medium to analyze trends and behaviors over the short and long term – while maintaining the integrity of PII
Criminals capitalize on gaps in communication, leading to catastrophic events, as we saw on 9/11. Similarly, cybercriminals know that financial institutions don’t collaborate allowing them to defraud banks, finding cyberterrorism and human trafficking.
Criminal organizations, hackers, and fraudsters have communicated for years. Now financial institutions can do the same.
The Cyber Fraud Network, especially in conjunction with SIF Detect, empowers financial institutions to identify and collectively combat SIF and other forms of fraud. Our technology allows banks – otherwise competitors – and leading regulatory and law enforcement agencies to collaborate, reduce risk, and defeat the bad actors.