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Fundamentals Of Fraud Prevention And Monitoring

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WHY FRAUD PREVENTION?

Understanding how fraud is committed – and especially how it’s prevented – is not easy.

There are countless techniques to take into account. Perpetrators can be of different types and use different approaches.

For anyone aiming to know more about fraud prevention – whether as a fraud monitoring professional, a payments professional, or any other type of professional that wants to master the theory and practice of fraud prevention, finding the right information is crucial.

Unfortunately, most fraud prevention courses nowadays don’t fit the minimum requirements.

Either the information is too academical and not something you can put into practice, or there are no specific examples, or information is just missing.

In a world where information must be constantly updated, it’s hard to find a reliable information source for this type of course.

And this has consequences not just for your career, but yourself personally as well.

What happens when we don’t have enough information (or the adequate format) to master fraud prevention?

  • We become confused by the myriad fraud prevention techniques and types of systems;
  • We can’t properly identify when to use a certain technique to prevent a certain type of fraud;
  • We become frustrated and irritated that we don’t know why a system works, or why it doesn’t;
  • We can’t properly identify why a technique works or not;
  • We won’t know how to optimize a specific fraud prevention solution (or why it’s not optimized) – both in terms of people and machine problems;

So what is my proposed solution?

THE ULTIMATE FRAUD PREVENTION COURSE

Unlike other fraud prevention courses out there, this course is comprehensive and updated.

In other words, not only did I make sure to touch on more topics (and more in-depth) than other courses I have seen, but also make sure to keep the information relevant to the types of fraud committed nowadays.

Because fraud prevention systems seem complex, but they rely on simple principles and practices.

In this course, we will cover the essentials of how fraud is both performed and prevented. Information that comes both from the principles and theory present in the finance world, but also my own experience and insider knowledge, working with multiple institutional banks.

We will cover four main modules:

  • Fundamentals of Fraud (who are the perpetrators, how they obtain information, and how they commit fraud);
  • Approaches to Fraud (including general approaches of obtaining and using information, from identity theft, to convenience fraud, social engineering and more, specific techniques such as cash return fraud or card block fraud, and the different types of perpetrators);
  • Fraud Prevention Techniques (individual techniques to prevent fraud including hotlists, velocity checks, and many others);
  • Fraud Prevention Systems (how complete fraud prevention solutions are assembled and maintained, and best practices of doing so);

By the end of this course, you will know exactly how fraud is performed, but, more importantly, how it is can be prevented, in terms of both principles, individual techniques, and collective solutions.

THE PERFECT COURSE… FOR WHOM?

This course is targeted at different types of people. Naturally, all current or future fraud prevention professionals will find this course useful. But any other professional that aims to know more about fraud monitoring practices will find it useful.

More specifically, the ideal student for this course is someone who:

  • Wants to know more about fraud execution itself (how fraud is performed, specific executions, and by whom);
  • Is interested in fraud prevention systems (how they work, how can they be optimized, what problems usually occur);
  • Wants to know about specific fraud prevention tools and how they act in combination (identity verification tools, technological tools, others, and how they come together);
  • Is interested in the role of both people and systems in fraud prevention (how to optimize both a system, but also the people working with that system);
  • Wants to know more about the role of different departments in the fraud prevention process (and how their behavior affects actual fraud prevention);

LET ME TELL YOU… EVERYTHING

Some people – including me – love to know what they’re getting in a package.

And by this, I mean, EVERYTHING that is in the package.

So, here is a list of everything that this course covers:

  • The general approaches to fraud, including convenience, social engineering, internal fraud and identity theft;
  • How convenience fraud works, with easily accessible information that can be used to commit fraud;
  • How social engineering works, manipulating people into giving up confidential information;
  • How internal fraud works, by leveraging internal information to facilitate fraud;
  • How identity theft works, by having enough information about someone to impersonate them;
  • The different execution types of fraud, including consumer fraud, card block fraud, single-use fraud, cash return fraud, collusive and affiliate fraud, and dynamic or morphing fraud;
  • How consumer fraud works, by lying about product characteristics or other elements to obtain returns or cash;
  • How card block fraud works, generating a batch of card numbers and gauging which are insecure, to be later exploited in purchases;
  • How single-use fraud works, by making one single purchase in a merchant (or multiple), being harder to catch;
  • How cash return fraud works, by buying products with a stolen card and returning them for cash;
  • How dynamic or morphing fraud works, by changing fraud execution to bypass fraud detection;
  • Fraud prevention techniques relying on data verification, including velocity checks, card verifications, charge and deposit verifications;
  • How velocity checks work, by analyzing the number of times a credit card (or another field) is either used or changed within a given period of time;
  • How card verifications work, such as Mod10, BIN, and/or card security schemes, both for data integrity and identity verification;
  • How charge verifications work (verifying a charge with the bank) and deposit verifications (making a deposit to verify a bank account);
  • Fraud prevention techniques relying on identity verification including lists, field verifications, address verifications, manual authentication and automated lookups;
  • How lists work – both hotlists and warm lists of known offenders, but also whitelists for trusted clients;
  • How simple field verifications work for email, age, and others – quick, but not very effective security measures;
  • How address verifications work, for both the billing and shipping addresses (the latter being more complex and expensive, but a lot more secure in terms of preventing fraud);
  • How manual authentication works – by having someone call the client to verify a transaction, or manually search information to verify their identity (usually done by bank staff for KYC requirements);
  • How automated lookups of addresses or phone numbers work, mostly to double-check existing information;
  • Fraud prevention techniques relying on technology (device or token identification, digital signatures and/or consumer location);
  • How device or token identification works, by using software such as cookies or hardware such as USB dongles, smart cards or biometrics in order to tie a device to a specific person, and authenticate them using that device;
  • How digital signatures work, through asymmetric cryptography, authenticating a transaction through the person’s private key;
  • How consumer location techniques work – both in terms of tracking someone’s IP or proxy (including VPN), or through their cell phone GPS location;
  • How fraud scoring and fraud rules can work to prevent fraud – appearing to be competing solutions, but actually working well together under certain conditions;
  • Fraud prevention techniques that are actual processes of institutions, including insurance, guarantees, manual reviews and representment;
  • How insurance and guaranteed payments work, helping reimburse a merchant in the case of fraud, but representing an overhead in terms of costs and being restrictive in terms of the transactions accepted;
  • How manual reviews by banks help guarantee the authenticity of a transaction, and how representment of information by the acquiring bank can help a merchant, but both with unstable results and high costs;
  • Technique considerations when assembling fraud prevention strategies, including determining the risk level of an entity, and the recommended techniques based on it;
  • Considerations in terms of the usage of fraud data – fraud rules, fraud scores, and guaranteeing consistency in the database;
  • Considerations in terms of the processing of fraud data – making sure that database field changes are documented, and that ETL (Extract, Transform, Load) processes don’t ruin the data between operational DB and data warehouse;

What you’ll learn

  • How fraud is performed and prevented in general
  • An extensive list of fraud prevention techniques of different categories and purposes
  • How fraud prevention strategies are assembled and monitored

Requirements

  • None at all!

Who this course is for:

  • Any current or future fraud monitoring professional
  • Anybody looking to know more about how fraud is committed and prevented
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