Security News > 2021 > March > Debunking the Top User Experience, Security, and Fraud Myths
The same rigor should, in theory, be applied to many things in life, including security and fraud.
What does your fraud prevention workflow look like? What data sources do you review as part of your fraud program? What technologies do you have in place? How do you adapt to the changing tactics of attackers and fraudsters? What sources of intelligence do you rely on? Not surprisingly, if there aren't a lot of substantive or thought out answers to these questions, it may mean that the reason there is no fraud problem is because no one is looking at the data in a way that might tell a very different story.
Detecting fraud necessitates a large number of false positives: I'm not sure why we as security and fraud professionals accept that detecting fraud necessitates creating a whole bunch of noise along with it.
Modern fraud technologies are evidence of this - using a variety of techniques, they are able to detect a high percentage of fraud with a very low volume of false positives.
Detecting fraud necessitates a rule-based approach: Time and time again, I encounter a rule-based mindset for fraud detection.
The problem with this approach is that most fraud losses come from the unknown unknowns - fraud that we have not encountered in the past and therefore are not even aware that we need to be on the lookout for.