Sopra Steria’s Post

Interesting post from Chris Oakley about how false positives are a cost centre in fraud detection and analysis. A must-read for anyone in fraud and financial crime!

To stay vigilant against visual risk, it is essential to understand the most common methods used by bad actors to commit fraud using digital content. https://hubs.li/Q03MqXFT0 Written by Jeffrey McGregor of Truepic

This is the story behind the Truepic Risk Network. Our experiences working on image and data authenticity for enterprises helped us learn more about systemic fraud and visual risk. These learnings led us to build the Risk Network, the first shared intelligence system for visual and device-level risk. Our CRO Phillip Denis shares the real-world fraud patterns that exposed a critical gap in how financial institutions detect and respond to visual risk. Read his article to see how it came together and what it means for the future of fraud prevention. https://lnkd.in/etyT8Bjv

BIN fraud is more than just a financial threat, it's a silent drain on resources, reputation, and compliance. Financial institutions face hidden costs like operational overhead and regulatory penalties, often overlooked in the rush to address immediate losses. Legacy systems and clever fraudsters exploit geographic inconsistencies and velocity patterns, making detection a challenge. Discover how to stay ahead of these sophisticated threats in our article.

LexisNexis® Risk Solutions Study Reveals SNAP Fraud Costs Surge to $4.14 Per $1 Lost ...: ... data quality are falling short of federal timeliness requirements. Nearly half report lower productivity and 74% report increased errors, eroding ...

When fraud costs rise to $5.75 for every $1 lost, the numbers speak for themselves. But behind the numbers is a big question: How do institutions make the case for proactive investment in fraud defenses when the returns are measured in losses avoided? Fraud is a test of foresight. Those who wait until losses mount will pay the highest price. Those who can see fraud for what it is, an organizational risk multiplier, will shape not just security outcomes, but long-term competitiveness.

When fraud costs rise to $5.75 for every $1 lost, the numbers speak for themselves. But behind the numbers is a big question: How do institutions make the case for proactive investment in fraud defenses when the returns are measured in losses avoided? Fraud is a test of foresight. Those who wait until losses mount will pay the highest price. Those who can see fraud for what it is, an organizational risk multiplier, will shape not just security outcomes, but long-term competitiveness.

🛡️ Fraud prevention is more than a function — it’s a responsibility. Every fraudulent transaction isn’t just about numbers on a balance sheet, it’s a person’s savings, a family’s trust, and an organization’s reputation at stake. The ripple effect of fraud is real, and it goes far beyond financial losses. What I’ve learned is that strong fraud defenses don’t happen overnight. They’re built through: 🔹 Consistent monitoring 🔹 Smart use of technology 🔹 Clear processes 🔹 And most importantly, a culture of awareness Fraudsters only need to succeed once. We need to succeed every single time. The fight against fraud will never be “finished” but with the right mindset and teamwork, we can stay one step ahead. #FraudPrevention #RiskManagement #FinancialCrime #FraudAwareness

Most people think fraud is about catching the bad guys. In reality, great fraud teams aren’t just in the business of catching fraud. They’re in the business of finding failure. Every flow, every click, every decision point is a potential weakness. That’s why they analyze every single step of the customer journey. Not necessarily looking for the obvious red flags but rather hunting for the quiet places where things break. Where signals are weak. Where decisions get made without enough context. And once those failure points are mapped out? It’s decision time. Risk, at its core, is often a binary choice. Good vs. bad. Trusted vs. suspicious. If it’s good, the user proceeds. If it’s bad, the flow either escalates… or ends right there. But here’s the catch: You can only make good decisions if you’re working with good data. That’s what separates high-performing teams from the rest. They don’t just react to fraud. They design systems to see clearly and act confidently. Because in fraud, what you don’t catch will cost you... a lot!

Financial fraud is evolving faster than ever. To stay ahead, requires more than solely relying on internal controls and tools. It takes a trusted network of fraud fighters working together, sharing knowledge, and identifying new trends. That’s why we’re excited to launch the ProSight Fraud Alert Network, a dedicated space where vetted fraud prevention experts can exchange timely insights, flag emerging threats, and collaborate to reduce risk across the industry. Learn more about how the ProSight Fraud Alert Network can empower fraud prevention professionals in financial institutions to come together to fight fraud better: https://lnkd.in/g3HQ2hjw