Fraud Detection
What is Fraud Detection?
Technologies and processes for identifying fraudulent activities and transactions through pattern analysis, anomaly detection, and rule-based monitoring.
Terms that appear alongside fraud detection
Each of these is named in at least one of the same controls as fraud detection. The number is how many controls name both.
- transparency 5 shared controls
- business continuity 4 shared controls
- governance 4 shared controls
- cybersecurity 4 shared controls
- authentication 4 shared controls
- ransomware 4 shared controls
- vulnerability 3 shared controls
- nist 3 shared controls
Frameworks that govern fraud detection
What the standards actually require on fraud detection
Requirements naming fraud detection across 6 standards, quoted from the control text.
Operate fraud detection + Transaction Risk Analysis + rate limiting + sandbox per scheme requirements. Fraud Detection and Transaction Risk Analysis must (a) implement real-time fraud detection at authorisation + initiation + completion + (b) consider device +...
OPENBANK-6 · Fraud Detection, Transaction Risk Analysis, Rate Limiting, Sandbox →Detect authentication fraud through anomaly monitoring and respond with credential actions and investigation.
ISO29115-9.2 · Fraud Detection and Response →Operate detection + logging + IR + breach notification + fraud detection per NRF framework + NIST SP 800-61 + state breach notification laws + PCI DSS incident response + brand operating rules.
NRFCS-7 · Detection, Logging, Incident Response, Breach Notification, and Fraud Detection →HKMA C-RAF Domain 3 PROTECTION + Domain 4 DETECTION. DOMAIN 3 PROTECTION (6 sub-areas): (1) ACCESS CONTROL - identity + access management + privileged access (PAM) + MFA + zero trust + just-in-time access + role-based access + access reviews + offboarding;
HKMA-CRAF-Domain3-4-Protection-Detection · HKMA C-RAF Domain 3 (Protection) + Domain 4 (Detection) - Access, Data, Infrastructure, Application, Monitoring, Testing, Threat Intel →Providers serving the elderly must protect their lawful interests, account for their travel, medical, consumption and other needs, provide intelligent and accessible adaptations per state rules, and support fraud detection and prevention.
CN-ALG-A19 · Protection of Elderly Users →FTC Safeguards Rule emerging areas in 2024-2025. AI USE IN FINANCIAL INSTITUTIONS: FTC AI guidance + 2024 OMB M-22-09 ZTA + 2024 OMB M-24-08 AI Risk Management + Section 5 FTC Act unfair-and-deceptive enforcement against discriminatory AI + opaque scoring + bi...
FTC-Safeguards-AI-SBOM-Pipeline · AI Use, SBOM, Supply Chain and 2024-2025 Emerging Areas →Questions people ask about fraud detection
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