The Changing Tide of Financial Fraud
Modern fraudsters are more sophisticated than ever. Gone are the days where a single attacker uses a single stolen credit card to make a quick score. Financial fraud has become a professional enterprise, with a complete ecosystem of fraud-as-a-service stealing over $16B per year. The adversaries are now well-organized and coordinated groups of bad actors that utilize armies of fake and compromised accounts to conduct stealthy attacks posing as legitimate users.
Making matters worse, modern banking systems are exceedingly complex. Traditional banking fraud prevention systems were built for a simpler time. Reputation lists, rules engines and rudimentary analytics approaches are only good at catching simple fraud that follows predictable patterns. But the modern fraudster is anything but predictable. They test and reverse engineer your fraud prevention defenses, constantly evolving and evading detection. As a result, most current approaches to banking fraud prevention are inherently antiquated.