Collusion

175%

the relative size of collusive fraud compared to fraud committed by one individual

80%

of insider fraud is estimated to take the form of multi-person collusion

50%

of occupational fraud, including multi-party collusion, has been caught historically by anonymous tips

Performance

Multi-Party Fraud Schemes

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Collusion plagues multi-party payment facilitators – banks moving money from payers to payees, marketplace owners connecting buyers and sellers, gaming companies serving multiple players simultaneously or ride-sharing companies that move money from passengers to drivers. They are at high risk when a single party commits fraud individually, but when multiple parties collude together, it becomes increasingly difficult to spot and even more difficult to stop. Machine learning and sensitive velocity triggers on Fraud.net’s platform can halt these schemes very early before they cause significant losses.

Digitization Reduces Collusion

Collusive fraud also happens frequently at big organizations involving everything from fraudulently issued (and shared) customer discounts, inventory shrinkage, kickbacks, and contract allocations, temporary staff number manipulations, remote office fraud, and personal expense abuse.

Each of these can be minimized using strong controls, capturing all relevant process data, and by analyzing the data using anomaly detection.

The Power of Getting Identity Right

Organizations are challenged on many fronts in their efforts to protect their customers and their businesses against fraud. The increasing growth and complexity of digital commerce leaves merchants and financial services firms vulnerable to cybercriminals and requires that organizations continue to innovate their security and anti-fraud policies across all digital channels.

But once your organization can accurately confirm the identity of your new website visitor, applicant or customer, the virtuous cycle begins. Use Fraud.net’s Identity Services to identify and remove the <1% of fraudulent and high-risk users so that you can focus on thrilling the >99% of high-trust customers.