The Financial Services Information Sharing and Analysis Center this week released a report on how financial institutions can strengthen collaboration between their cybersecurity, fraud, financial crime and anti-money laundering teams.
The document — “Leveling Up: A Cyber Fraud Prevention Framework for Financial Services” — breaks down the lifecycle of a cyber-fraud attack into five phases so teams have “a common language” to share information. It also provides recommendations on how to effectively share fraud intel with peer firms to strengthen the defenses of the entire financial sector.
Organizations can leverage the framework’s fraud response protocol to identify vulnerabilities earlier in the attack lifecycle, enhancing threat visibility and strengthening fraud controls, according to FS-ISAC.
