The ProSight Fraud Alert Network is a first-of-its-kind community that allows fraud professionals at financial institutions to connect and collaborate before, during and after instances of fraud. A platform-based collaborative space, the authenticated network was designed for fraud professionals ranging from frontline investigators to strategic leaders who are looking for ways to catch and clear fraud faster, protect the customer experience and minimize losses.
We sat down with Isio Nelson, ProSight Managing Director, Research, Fraud & Thought Leadership, and Jason Bartolacci, Director of the ProSight Fraud Alert Network, to learn more about the newly launched network. Hear more of the conversation here:
Answering the Call of an Urgent Need
Fraud is a growing problem that’s projected to cost financial institutions $58.3 billion by 2030. At ProSight, we’ve been hearing about this rising concern from our members and key stakeholders for some time.
“The inspiration for the ProSight Fraud Alert Network really came from listening to the industry and then talking about what the biggest needs were,” says Nelson. “Taking what was an informal network and creating a formalized, authenticated network that could be trusted as a single place to go to collectively combat fraud.”
“Folks from the industry raised their hand and said they need a way to collaborate and share information,” adds Bartolacci. “People were asking, why can’t we share information and collaborate? And where can we do that?” The ProSight Fraud Alert Network was born in response to this critical industry need.
The Importance of Collaboration on an Authenticated Network
“You can’t fight fraud alone,” says Bartolacci. “It takes collaboration across financial institutions to make an impact on fraud. The threat actors and the fraudsters have their tools, their collaboration spaces, and we have ours too, which is the ProSight Fraud Alert Network,” he says.
While collaboration is key to success, it comes with its challenges. The issue with solutions like open forums and platforms such as LinkedIn is that anyone can participate — including fraudsters. The ProSight Fraud Alert Network takes a more deliberate approach by verifying each member in order to create an authenticated directory that keeps bad actors out.
“It’s not bank versus bank, it’s banks versus the fraudsters,” says Nelson. “And coming together allows members to individually reach out and have connections. It allows the community to be able to take on best practices, identify what fraud threats are out there, and proactively shut those down.”
How Members Can Use the ProSight Fraud Alert Network
The heart of the ProSight Fraud Alert Network is its authenticated directory, which makes it simple to find and collaborate with trusted, verified fraud professionals at peer financial institutions. The collaborative space makes sharing timely information on fraud threats easier.
“Fraud professionals can keep an eye on current trends and fraud threats in real time,” says Bartolacci. “Fraud investigators can post things they’re seeing, the type of fraud occurring and the attributes or the indicators of compromise, and pieces of evidence. And other fraud investigators can check and see if they’re seeing the same things.”
In addition to promoting community and collaboration, the ProSight Fraud Alert Network curates content and resources to help fraud professionals set their mitigation strategies and develop best practices. Beyond the robust knowledge library, members have access to actionable fraud intelligence, timely alerts, and ongoing fraud prevention training. As the network grows, it will continue to evolve based on member needs.
Key Benefits of Joining ProSight Fraud Alert Network
The ProSight Fraud Alert Network was designed to help fraud professionals reduce fraud, close instances faster, and help minimize losses. Members have access to tools, intelligence and connections that can help them mitigate everything from first- and third-party fraud to scams — both proactively and reactively. The network can also help institutions develop foundational strategies and best practices for fraud prevention.
Nelson points out another key benefit on the customer experience side of the equation. “It’s easy to mitigate fraud by just putting a bunch of controls around it, but when you do that, you’re usually creating a pretty bad customer experience,” he says. “There’s a community who can help figure out how to create the right balance and do it in a way that is effective for the organization from both the risk controls and business growth perspective.”
Protecting Member Privacy with Anonymized Reports
ProSight has a long history of anonymizing valuable content and data from financial institutions in order to share it with other organizations that may find it helpful. The long-established best practices ProSight uses to take information in, sanitize it, and share it with members in a way that’s not identifiable is employed by the ProSight Fraud Alert Network.
Members can choose whether to share information directly, which is attributable, or remain anonymous. “Institutions can file an anonymous incident report with us,” explains Bartolacci. “We’ll curate that report. We’ll make sure it’s anonymized. And then we’ll share it with the group.”
“If there are any follow-up questions,” he adds, “we can connect those institutions, as long as the original filing institution is okay with that connection. This ability to anonymize content will foster even greater transparency and insight into fraud schemes and trends.”
An Organic Extension of ProSight’s Strengths
When BAI (Bank Administration Institute) and RMA (Risk Management Association) combined to form ProSight Financial Association, the two legacy organizations brought together 100+ years of experience in risk, compliance, fraud and business growth, with the purpose of empowering financial services leaders to strengthen and advance our industry. The trust earned by both organizations for always prioritizing the best interests of their members made ProSight the ideal organization to create and manage the ProSight Fraud Alert Network.
Learn more about the ProSight Fraud Alert Network, and join here.
