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STAYING AHEAD OF CYBERCRIMINALS BY ALIGNING SECURITY AND FRAUD

David Mattei, Aite-Novarica Group
Published November 15, 2021

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At times, fraud can seem like a game of cat and mouse: The criminals are usually
aggressive and are on the offense, while companies struggle to protect
themselves and are on the defense. For companies, the game is becoming harder to
play. Criminal organizations’ tools are becoming more sophisticated and their
attacks more complex. Financial services firms and merchants find it difficult
to constantly adapt their security and fraud defenses to keep up with rapidly
evolving attacks. And if you are not keeping up, then you are falling behind.
The dangers are higher losses, abandoned transactions, and customer
dissatisfaction. Losing money and customers—not a good combination.

It’s time to rethink your approach to fraud prevention. But I can hear it now.
“I am understaffed and underfunded. How do you expect me to keep up with more
nimble and well-funded criminal organizations?” In this challenging environment,
it’s time to work smarter, not harder. Merchants and financial services firms
that have solved this accomplished it by looking both inward and outward.

LOOKING INWARD

Looking inward, successful companies have admitted their security and fraud
mitigation inefficiencies. It is common to have a cybersecurity department
protecting computing networks and externally facing applications from
infiltration, exploits, and denial of service attacks, and a fraud department
focused on online/digital transactions, event correlation, and incident
responses. This creates a segregation of responsibilities and two departments
with different tools, data sets, performance indicators, staff, and budgets.
Let’s look at how this hurts a company.

Data breaches and credential spills have exposed billions of personally
identifiable information records, including username/password pairs. In a
typical attack, an attacker will perform credential stuffing using highly
distributed botnets to test these pairs at scale to identify which
username/password pairs are still valid. With a valid pair, an attacker easily
becomes a cybercriminal by taking over a customer’s online account—extracting
money, laundering loyalty points, or making unauthorized purchases. Depending on
the security countermeasures encountered, the cybercriminal may modify the
attack using tools that range from network scripts and botnets to those that
emulate human behavior or frameworks that can make API calls to human click
farms to solve CAPTCHA.

This type of attack spans both security and fraud team responsibilities. If the
security and fraud teams or their tools are not communicating, threat
intelligence and context are lost, and it is difficult (maybe impossible) to see
the entirety of the attack. As a result, fraudsters slip through the cracks, and
companies and their customers experience financial losses.

It’s time to break down organizational silos. Collaboration across teams and
technology can be the vehicle to convergence, increased revenue, and ultimately
the company’s success. In addition, pooling resources and data improves
visibility, making it possible to keep criminal organizations out while letting
good customers through without friction. In a recent Aite-Novarica Group study
of 110 fintech firms, those that have an integrated fraud system are twice as
likely to say it is somewhat or very easy to manage fraud, compared to firms
with separate and distinct fraud systems.

An integrated platform has the benefit of seeing more of the fraud landscape
through the pooling and continuous analysis of data. With a larger data set, and
thus more fraud signals, it is possible to create more predictive and precise
machine learning models. This can not only lead to more proactive and actionable
intelligence but also a better user experience, since the increased precision
can fast-track authentication, providing a seamless way for customers to
transact without increasing fraud.

LOOKING OUTWARD

Looking outward is also important to create an effective fraud ecosystem. It is
common practice for financial services firms and merchants to purchase tools and
manage fraud in-house, with staff configuring the tools to prevent fraud. As
fraud attacks morph over time, the company has to adapt its fraud strategies to
counter them, tune authentication rules, and investigate false positives. In
other words, the company has to experience a new fraud attack (and a financial
loss) before it can prevent future ones. This reactive strategy leaves the
company exposed while internal departments investigate and remediate the
security gap.

Why not be proactive? Vendors offering commercial solutions leverage their
breadth of experience and visibility to protect their clients better than an
individual client can protect itself. How? Well, a vendor with a large client
base across multiple geographies and industries has a very broad view of fraud,
especially when threat intelligence is shared across its collective defense
network. If a new fraud attack vector emerges, the vendor can quickly modify its
fraud defenses to protect all clients.

THE WIN-WIN-WIN SOLUTION

Staying ahead of the growing sophistication of criminal organizations and their
attacks is difficult, especially with staffing and resources in short supply.
It’s time to look inward and outward. Bringing together cybersecurity and fraud
management into an integrated team and leveraging external expertise provides
three main benefits. Cybersecurity/fraud management is simplified, losses are
lowered, and customers have a better online experience. A win-win-win solution.


By David Mattei, Strategic Advisor, Aite-Novarica Group

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For additional perspective, read the Aite Report to learn new strategies to
minimize fraud loss.


 


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