A Fraud Series

This post explores the history of fraud and how Expero's Fraud and AML toolkit is designed to help learn and combat fraud in many types of organizations.

This post looks at the different technology approaches and adaptations to finding and detecting fraud, and the technology behind Expero's Fraud Product.

In the first post of this series, we quickly reviewed some of the many types of fraud that have occurred over the years. In this post, we will discuss these types of fraud in more depth and provide examples:

Building a useful fraud detection system requires bringing many tools together and making them work together to bring undetected anomalies to light.

Data breaches, which can expose emails, passwords, credit card information among other personally identifiable information, are a constant concern for companies who store client data. Our Connected Toolkit alerts users when suspicious behavior occurs, provides the data to learn from prior breaches, and enables you to predict where fraud will happen next. 

An insider threat is a vulnerability of a system resulting from people within the organization. This can be intentional or unintentional: accidental breaches due to negligence or phishing are possible. Using the Connected Toolkit, we can use data from within a company’s system to predict where potential insider threats will occur.

Alerts are a powerful tool for real time fraud detection systems. Alerts can be used to surface things one normally wouldn’t see in real time. You can imagine using alerts to notify users of phishing attacks, fraud, or anything suspicious. Real time alerts are important for escalating and properly mitigating threats. They can even be preventative, declining fraudulent transactions (or enabling unusual, but non-fraudulent, ones) as they occur, before they escalate into full on fraud or successful attacks.

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In this series, we’ve shown that fraud is extremely expensive and can damage a company’s reputation. Preventative measures, such as employee training and email filtering can help reduce insider threats, but still leaves threats from the outside unhindered. Easy to use fraud detection software solutions, such as the Expero Connected Toolkit, reduce the overhead required to track and predict fraud and provide a variety of tools for many user personas.