Boost security with cyber fraud fusion centers—your contextual backbone

January 25, 2024
2 mins read

TLDR:

  • The rise of cyber fraud fusion centers can help cybersecurity teams combat evolving threats and provide context for security professionals.
  • Cyber fraud fusion centers merge security and fraud people, processes, and technologies into a single unit.
  • These centers fuse cybersecurity, threat intelligence, and fraud prevention to defend against cybercrime-as-a-service providers and new fraudster tools and techniques.
  • There has been a shift in targeting from banks to their customers, and detecting intent has become crucial in combating fraud.
  • Security teams are proactive in monitoring user behavior to determine intent, while fraud teams traditionally react to clearly defined indicators of fraud.
  • The rise of cloud computing and mobile payments has pushed fraud detection to occur closer to customers, with real-time cross-correlation being an important tool for cyber fraud teams.
  • Cyber fraud fusion centers are maturing their capabilities and using the cyber fraud kill chain model to add granular policies and rules into fraud prevention platforms.
  • These centers offer better visibility and context for security teams and keep fraud teams grounded during disruptive times.

Cyber fraud fusion centers are emerging as a valuable resource for cybersecurity teams facing evolving threats. These specialized Security Operations Centers (SOCs) merge security and fraud people, processes, and technologies, providing a cohesive approach to defense. The rise of “cybercrime as a service” providers and the effectiveness of tools like deepfakes have necessitated the need for these next-gen SOCs. One important shift in fraudster techniques has been the move from targeting banks to targeting their customers. Instant payment platforms like Zelle and Venmo have created new opportunities for scams and fraud, forcing defenders to shift their focus from verifying user identity to determining intent.

Anomaly detection is used by both security and fraud teams to discern intent, but there are differences in their proactive and reactive approaches. Security teams continuously monitor user behavior to determine intent based on a broad range of cyber criminals they defend against. Fraud teams, on the other hand, traditionally react to clearly defined indicators of fraud. With the rise of cloud computing and mobile payments, fraud detection has moved closer to customers, allowing for core functions like device profiling and behavioral biometrics to be continuously monitored.

As cyber fraud teams re-architect their fraud detection stacks to adapt to these changes, they are supported by security teams who spot attacks against security infrastructure. The ability to cross-correlate data in real-time has become a crucial tool for cyber fraud teams to infer intent. As these fusion centers mature, they have adopted the cyber fraud kill chain model, which breaks down the stages involved in executing online fraud and outlines fraudster techniques, policies, and rules for fraud prevention platforms.

Cyber fraud fusion centers offer several benefits. They provide fraud teams with a sense of grounding during disruptive times, while security teams gain access to skilled analysts with institutional knowledge and additional tools to gain visibility and context about adversaries. These centers are a win-win for both parties and serve as a response to the evolving threat landscape and the ongoing talent shortage in the cybersecurity field.

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