Fraudsters thrive on confusion and fear.  We saw this unfold during the peak of the COVID-19 pandemic. As financial institutions scrambled to adjust to supporting a remote workforce, customers were also adjusting to moving more business online.  In fact, financial institutions saw a 250% increase in digital channel usage on average, noted Julie Conroy, Research Director at Aite Group, in a recent webinar.  “This wasn’t just existing customers, but we also saw a lot of net new users come into the fore.”

The role of digital services in our lives has never proven more pivotal than it has in recent months. From banking and shopping to how we work and how our children learn, the most routine of activities we do every day has been completely upended. 

There is one word that lives in the vocabulary of every fraud and security operations team: collaboration. All you have to do is read about the takedown of some of the most notorious cybercrime gangs to know success relies on the ability to work well with one another. While this might be an extreme example, the nature of collaboration is no different and no less important for teams on the front lines of fighting fraud every day.