Leveraging Deep OSINT to improve fraud prevention at financial institutions

The continued need for fraud prevention in financial institutions poses ongoing challenges that can have far-reaching consequences for trust and financial stability. Open-Source Intelligence (OSINT) is increasingly recognized as a critical element in the strategic toolkit for fraud prevention within financial institutions. According to Nasdaq’s Global Financial Crime Report 2024 released last month, wire fraud and bank fraud schemes resulted in $485.6 billion in losses worldwide last year.

The critical role of Deep OSINT in fraud prevention in financial services

Classic OSINT involves collecting and analyzing information from publicly accessible sources to identify potential threats or fraudulent behavior before it causes damage. In the financial industry, this means leveraging a variety of data points from the Internet and Internet forums and social media. Constella has expanded classic OSINT with Deep OSINT, which also includes the Deep & Dark Web, which contains much larger amounts of information and is home to 1 trillion identity assets.

Constella’s Hunter: a beacon for financial fraud prevention

Constella Hunter is an example of the application of Deep OSINT in the financial sector. Hunter’s capabilities allow financial institutions to dive deep into the digital world to uncover fraudulent activity and attribute it to real-world identities. By analyzing data across multiple layers of the internet, including the obscure corners of the dark web, Hunter provides unparalleled insight into potential threats.

Operational benefits of Deep OSINT in financial institutions

Using OSINT tools like Hunter, financial institutions can streamline their fraud detection processes. This includes:

  • Cyber ‚Äč‚Äčattribution: Quickly link suspicious activity to real identities, reducing the time between detection and response.
  • Risk assessment: Incident response teams can assess and prioritize risk depending on who the attacker is. A seemingly minor event must be taken very seriously when the attacker is a major opponent.
  • Improved KYC compliance: Support Know Your Customer (KYC) efforts by offering detailed background checks and identity verification to prevent fraud.
  • Know your detection of employee and insider threats: Identifying unusual or unauthorized activities that may indicate internal fraud.
  • Compliance with AML and sanctions lists: Financial institutions use Deep OSINT to investigate money laundering and can detect involvement with a sanctioned entity.

Deep OSINT’s strategic and competitive advantage

For financial institutions, integrating Deep OSINT into their cybersecurity and fraud prevention strategies provides a competitive advantage. It provides a more comprehensive understanding of the threat landscape, better risk management, and more effective protection of customer assets and information. By deploying Constella’s Deep OSINT solutions, financial organizations can not only defend against fraud, but also improve their operational efficiency and maintain regulatory compliance.

As financial institutions navigate the complexities of the modern threat landscape, Deep OSINT provides a powerful tool for improving fraud prevention strategies. Constella Intelligence’s Deep OSINT solutions provide the depth, breadth and analytical capabilities needed to protect against the evolving tactics of cybercriminals and fraudsters in the financial sector.

For financial leaders interested in strengthening their fraud prevention systems, exploring Constella Intelligence’s Deep OSINT capabilities can be an important step toward securing their operations in the digital age. Schedule a demo today to get started.

*** This is a Security Bloggers Network syndicated blog from Constella Intelligence, written by Julio Casal. Read the original post at: https://constella.ai/leveraging-deep-osint-to-enhance-financial-institution-fraud-prevention/