2nd April 2024
How efficiently are security and fraud teams working together?
Travel companies that have customer data in their repository must delve into this aspect as plenty is at stake when it comes to data privacy, data protection, account protection and combating fraudulent transactions.
Entities have tried to drift away from a scenario where they end up having a partial or inadequate view of the travel shopper (including their members). Rather teams look to work in a cohesive way via sharing of information, processes and data for a full view across the shopping journey.
It is imperative to ensure there is no lack of communication between teams. The specialists at Darwinium point out that there have been instances where security teams are aware of a phishing scam but if there is a delay or no mechanism in place to interact with the fraud department, they won’t get to know that some employees have succumbed to the same and have shared their login credentials to the fraudsters.
There can be another issue. Security teams may have discovered unsuccessful login attempts on consumer accounts, but without details from the fraud teams, they may be unaware that the attackers are using stolen credentials from a data breach at another company.
Similarly, if fraud teams don’t get enough and timely updates from the security specialists, then they may not be able to curb payment fraud. As also pointed out during one of LSA’s webinars last year, lack of communication or information can lead to delays in identifying and mitigating the fraud.
Benefits of collaboration
Specialists point out that there are several major benefits that come to the fore when security and fraud teams work jointly:
- Overcoming siloed approach to combat fraud: Using tools or platforms that overcome the lack of visibility owing to siloed data sources. They should rather facilitate the shuttling between multiple siloed tools. This would eventually pave the way for concerned departments to get the full view of the user’s journey throughout their digital assets like app or a website.
- Timely action: Letting cross-functional teams review and take initiative as and when required.
- Rapid decision-making: When the two departments work in a structured way, i.e. right from understanding vulnerabilities to acting on sources of intelligence to working out actionable tactics, these teams are more likely to act fast to protect accounts, monitor transactions, protect data and so on.
Hear from experts at the upcoming ATPS 2024 in London (22-23 May):
https://lnkd.in/gShkJ8n5
By Ritesh Gupta, Ai Events
