Gemini Advisory - Best Sources of Fraud Intelligence Data
Common Sense Virtual Roundtable:

Best Sources of Fraud Intelligence Data

November 9th, Successfully held

Presented by

Gemini Advisory

Here’s what we discussed:

To reduce or prevent fraud, fraud intelligence must be collected and integrated into card protection and re-issue policies. Sourcing this intelligence can take many forms from in-house teams analyzing data, to external data feeds from the dark web or open sources that must be integrated with in-house systems, or even outsourced fraud management services.

In this session, we discussed sources of Fraud Intelligence data and how different approaches are taken by different organizations.
Here are some questions we discussed:
  • Should you handle data sourcing with your own in-house team? When is it most appropriate to build out a team of your own? What are the limitations?
  • Do you belong to data sharing consortiums? What has been your experience with sharing and receiving data?
  • Do you leverage dark web intelligence? Do you have an internal team tasked with data collection? Is the same team tasked with interpreting and actioning the data?
  • Do you utilize third-party data feeds and products? Do they integrate with your primary systems?
  • Do you have challenges with how to use data from the dark web or that provided through data sharing with other FIs?
  • What do you find most challenging about collecting or using dark web data to mitigate or prevent fraud losses?

Moderated by 

Stas Alforov
Director of Research and Development at Gemini Advisory

Here is what we learned:

Meghan Wandrie, VP, Fraud Manager, Flagstar Bank

Flagstar a hybrid bank offering mortgage and retail and has a separate fraud department for mortgage.

Wandrie is adamant that no outside vendor or service can match her team’s ability to detect and address fraud.

When it comes to groups like FS ISAC and other consortia, Wandrie feels no one really wants to discuss internal fraud.

About every 18 months, her team or a vendor will take a look at the dark web, but it has not been her focus. Wandrie said she believes everyone’s data is compromised, through social media and other voluntary acts, to begin with, so by the time the information ends up for sale there, it is too late.

Roderick Brown, Senior Product Development Manager, Truist

Truist is a new company after the merger between SunTrust and BBT. The merger is ongoing.

Brown’s focus is on ACH fraud and he relies primarily on in-house teams. He cannot speak to what other fraud teams within the bank do.

There are ongoing conversations about outsourcing data analytics in some of their efforts to gain a competitive advantage.

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About Gemini Advisory:

At Gemini Advisory, we aim to bridge the gap between wide-ranging threat intelligence offering available to cyber defense teams and the demand for a very specific and actionable solutions required by fraud prevention teams.

Launched by seasoned Subject Matter Experts, Gemini Advisory is specifically oriented to solve the most complex issues in an age of ever-growing cyber threats. From retrieval of compromised data, brand monitoring, covert actor engagement and ransomware extortion negotiations, our unmatched coverage of the underground communities hidden within the Deep & Dark Web, fused with years of experience in undercover operations, allows us to accomplish the most delicate tasks successfully.

Participation in the Virtual Roundtable is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

If you don’t qualify, we’ll suggest other learning events that may be a better fit for you.

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