Today, fraud rings are employing much more sophisticated tactics than in the past, with technology allowing them to hit multiple locations or financial institutions in quick succession – from halfway around the world and with little risk to them.
Because organized fraud rings are sharing technology, data and insights designed to defraud financial institutions, it’s critical that banks and credit unions collaborate to defend against this growing threat.
We as an industry have gotten close over the years, but there have always been missing pieces that have made it difficult to connect the dots and move forward with a full-force collaborative effort. But there’s good news: Today, three important elements have converged to enable the unprecedented level of industry collaboration that’s necessary to detect and shut down fraud rings and schemes: