The field of cybersecurity has evolved so fast and furiously in such a short period of time that it is simply incredible. 63% of Fortune 100 companies have a CISO.On-site work in progress shortage of human resources It’s well documented as well. high burnout rate. Cybersecurity teams need help. That’s why the rise of cyber fraud convergence centers can really help security teams.
A Cyber Fraud Fusion Center is a specialized SOC that brings together security and fraud personnel, processes, and technology into one cohesive unit. These next-generation SOCs blend cybersecurity, threat intelligence, and fraud prevention into a single function. These are common sense responses to changing circumstances, such as the rise of ‘cybercrime-as-a-service’ providers who offer financial and payment fraud as part of their menu of hacking and cybercrime services, and the rise of… . – Generating tools such as deepfakes that have proven effective at circumventing authentication systems and other security controls.
Another major change in fraudsters’ tools, techniques, and procedures (TTPs) is the shift from targeting banks to targeting their customers. The proliferation of instant payment platforms like Zelle and Venmo has led to scams in which scammers trick customers into making legitimate transactions. To effectively counter the new scammer TTP, defenders are now moving from verifying user identity to determining user intent.
It’s simple in concept, but its impact is huge. Both security and fraud teams use anomaly detection to identify intent. However, cybersecurity teams need to defend against a broader range of cybercriminals (nation-state hackers, hacktivists, intellectual property thieves), so when it comes to continuously monitoring user behavior to identify intent. , security teams are more proactive in nature.
Fraud teams, on the other hand, are traditionally more reactive, with monitoring only initiated when alerts are triggered by well-defined indicators of fraud. As a result, fraud detection technology has had to fundamentally evolve to help businesses continuously monitor customer behavior online. With additional factors such as the rise of cloud computing and mobile payments, fraud detection is now happening on edge networks, closer to the customer. It is now technically possible to perform key fraud detection functions such as device profiling and behavioral biometrics while continuously monitoring the customer journey.
As fraud teams rebuild their fraud detection stacks in response to changing conditions, they are thwarted by security teams that have already discovered attacks against their security infrastructure. The ability to cross-correlate in real-time has become one of the primary ways cyber fraud teams can infer intent. And as cyber fraud teams grow, they can pool their resources and ultimately have their data available in a shared data lake, allowing them to see context with greater clarity and precision.
As the capabilities of the Cyber Fraud Convergence Center mature, a new model for detecting cyber fraud – called Cyber fraud kill chain – has appeared.Based on Lockheed Martin products cyber kill chainThe Cyber Fraud Kill Chain outlines fraudster TTPs to break through the core stages involved in perpetrating online fraud and, within each stage, add detailed cyber fraud policies and rules to fraud prevention platforms. Masu.
Unlike Lockheed’s model, how to segment the cyber fraud kill chain varies by source and is still in its infancy. Its raison d’être means that security and fraud teams meld in a structured and thoughtful way, creating a true win-win for all parties. Cyber Fraud Fusion provides security teams with more skilled analysts with organizational knowledge and additional TTP, stabilizing fraud teams even during highly turbulent times. It’s a tool that provides greater visibility and context into who your adversary is, what they’re doing, and how to stop the attack. under.
Alisdair Faulkner, co-founder and CEO of Darwinium