The Importance of Collaboration Between Fraud & Security in 2023
One of the major challenges that organizations face today is the lack of visibility into siloed data sources, leading to an incomplete view of customers. This can make it difficult for security and fraud teams to identify and investigate fraud, risking significant financial losses and damage to the organization's reputation. In order to overcome this challenge, it is essential for security and fraud teams to collaborate and share information, tools, processes and data, building a consistent view across the customer journey.
By working together, these teams can better protect an organization and its customers from financial losses and reputational damage. One of the key reasons why security and fraud teams need to collaborate is to share threat intelligence and gain greater visibility into user journeys across the entire digital perimeter. When fraud teams and security teams are unable to effectively collaborate, this creates holes across the businesses environment, leaving an opportunity for fraudsters to exploit key areas. Let’s explore some examples below:
What Security teams miss from not integrating with Fraud
- Phishing Scams: Security teams may be aware of a phishing scam targeting the organization, but without communication with the fraud team, they may not know that several employees have already fallen for the scam and have provided their login credentials to the attackers.
- Account Takeover: Security teams may have detected a high number of failed login attempts on customer accounts, but without further context, and intelligence from the fraud teams, they may be blind to the fact that the attackers are using stolen credentials from a data breach at another organization.
What Fraud teams miss from not being connected to Security
- Payment Fraud: Fraud teams may identify a pattern of fraudulent transactions on customer payment accounts, but without insight from security teams, they may not know that the root cause is a security vulnerability on the organization's website that is being exploited by attackers.
- Social Engineering: Fraud teams may have identified a pattern of customers being defrauded by phone, but without oversight from the security team, they may not know that the attackers are able to bypass security controls because they have obtained employees’ personal data from a data breach.
In all these examples, lack of communication and disjointed systems across the security and fraud teams can lead to delays in identifying and mitigating the fraud, resulting in significant financial losses and damage to the organization's reputation.
Another important aspect of collaboration is the ability to identify and investigate fraud more effectively. Fraud teams are experts in identifying and investigating fraudulent activity, but they may not have the same level of customer visibility as security teams. By working together, security and fraud teams can combine their unique skills and knowledge to more effectively identify and investigate fraud, leading to quicker resolution and less overall impact.
With Darwinium, our platform eliminates the need to switch between multiple siloed tools and teams to get the full picture of a user's journey throughout your website. Our platform allows you to run operations natively from beginning to end, giving you the ability to investigate all the facts from a single place and pipe the information to cross-functional teams for review and action, all in real-time and on-demand.
Our approach enables businesses to create a truly seamless and delightful experience for its users based on continuous trust along the way. This means that fraud and security teams can become more proactive, receive greater context and visibility of the data, and further improve the ability to build user experiences. This means that businesses can now drive more sign-ups, further improve payment acceptance, reduce false positives and even downstream chargebacks.
If you’d like to learn more, and want to try for yourself, reach out and try Darwinium today.