FS-ISAC, a global organisation dedicated to enhancing cybersecurity for financial institutions, has launched a new Cyber Fraud Prevention Framework to bolster collaboration between fraud and cybersecurity teams. This initiative comes as Singapore faces a staggering S$1.1b loss due to a record 51,501 scams in 2024, highlighting the urgent need for robust fraud prevention strategies.
The framework, titled “Levelling Up: A Cyber Fraud Prevention Framework for Financial Services,” aims to facilitate real-time intelligence sharing and proactive fraud prevention among financial firms. It outlines a structured approach to detect vulnerabilities earlier in the attack cycle, enhance threat visibility, and strengthen fraud controls. Linda Betz, Executive Vice President of Global Community Engagement at FS-ISAC, emphasised the importance of breaking down silos within organisations to combat the growing interconnectedness of fraud and cyber threats.
The framework divides the lifecycle of a cyber-fraud attack into five phases: reconnaissance, initial access, positioning, execution, and monetisation. This segmentation provides a common language for teams to share information and coordinate their efforts effectively. Dave Daniel, Vice President of Cybersecurity Operations at Nationwide Mutual Insurance Company, noted that the framework marks significant progress in the cyber fraud domain by enhancing teams’ abilities to prevent, detect, and respond to fraud.
By unifying teams and leveraging intelligence at every stage of an attack, organisations can better anticipate and thwart fraudulent activities. The framework also offers best practices for secure intelligence sharing among financial institutions, aiming to fortify defences across the entire sector. As cyber fraud continues to rise, FS-ISAC’s framework provides a critical tool for financial firms to safeguard their assets and reputation.
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