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The Green Sheet Online Edition

July 10, 2023 • Issue 23:07:01

Readers Speak: A manual for fraud fighting

We received a note from the team at Unit 21, who informed us they'd just released the Fraud Fighters Manual. Here's what they said you'll find inside the 168-page guide, which features experts from several big names in fintech:

  • Chapter 1: Know Your Fraudster—We begin the book by introducing the three types of fraud and the seven archetypes of fraudsters so you can spot a fraudster a mile away. By knowing the different types of fraud and recognizing the various archetypes of fraudsters, individuals and organizations can identify patterns of behavior that suggest fraudulent activity.
  • Chapter 2: Compromised and Synthetic Identities— In Chapter 2 we dive into stolen identities, synthetic identities, and how fraudsters gain access to sensitive information through dark web marketplaces, social engineering methods, and deep fakes.
  • Chapter 3: Cryptocurrency Fraud—Cryptocurrency fraud is a unique challenge. The decentralized nature of cryptocurrencies and the lack of regulation in many jurisdictions make it difficult to detect and prevent fraudulent activity. In addition, the anonymity of cryptocurrency transactions makes it easy for fraudsters to use stolen identities or create synthetic identities.
  • Chapter 4: Account Takeover—Account takeover is a type of fraud that occurs when an attacker gains access to a user’s account by stealing their login credentials. Once inside, the attacker can make unauthorized transactions, steal sensitive information, or even take over the account completely.
  • Chapter 5: Fraud Detection 101—Organizations must implement various tools to help their risk management teams catch and prevent fraud. These tools include sound user onboarding systems, transaction monitoring tools and case management systems.
  • Chapter 6: Risk Operations—One important aspect of risk management involves collaborating with other departments to ensure that risk is being properly identified and addressed across the organization. By working together, teams can share information and insights that may not be apparent from a single perspective.

What resources do you rely on?

What are your go-to resources for staying up to date on how to prevent fraud on your watch? Fill us in at greensheet@greensheet.com. end of article

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