Scam Hunter

Independent APP Fraud Control Testing

Why do firms need Scam Hunter?

1. Fraud is a relentless threat

Synthetic data is a crucial tool for enabling rapid, scalable responses to new and evolving fraud techniques. FinCrime Dynamics has built the world’s most comprehensive repository of financial crime behavioural simulations and a specifically designed synthetic data generation engine designed to simulate and address real-world fraud scenarios.

2. The challenge of “unknown-unknowns”

FinCrime Dynamics creates forward looking simulations for control testing. Our clients benefit from the full breadth of intelligence of fraud behavioural techniques via Scam Hunter’s FinCrime Simulation Library. The Library is constantly updated so our clients keep abreast of new threats and fully understand their exposure to existing ones.

3. Controls need to stay ahead of evolving threats

Financial crime behaviours change at such a rapid pace that many systems aren't updated in time; their rules or models lag behind due to outdated training data and a heavy reliance on internal data. How can you know if you are properly protected against the next new threat?

How does Scam Hunter work ?

Step 1: Test control performance

The FinCrime Dynamics Simulation Library provides simulations of hundred of APP fraud techniques each month to test clients’ transaction monitoring controls.

Step 2: Analyse control performance

  • Analyse your control vulnerabilities with access to the Scam Hunter control testing dashboard

  • Measure and understand the detection of APP fraud techniques hitting your organisation

  • Quantify potential losses and costs beyond “just” reimbursements

  • Benchmark your control performance against your peers

Step 3: Improve control performance

The FinCrime Simulation Library is constantly updated to keep abreast of new threats with ongoing testing so you can: tune, track and improve control performance over time and stay ahead of the “unknown-unknowns”.

The Payments Association

“The hard work of the team at FinCrime Dynamics is recognised as a fundamental step in the fight against financial crime and the ongoing innovation in the space.”

APP Fraud Taxonomy

FinCrime Dynamics has built the world’s first repository of APP fraud behaviours. Meticulously curated by a research team made up of world leading experts in financial crime intelligence along with decades of experience in machine learning and data science.

The three main challenges to fighting fraud

Challenge 1: Data sharing (safely)

In the last decade, the question of data sharing has gone from “should we?” to “how do we?”.

Financial crime techniques display transactional and demographic network characteristics, fingerprint patterns, that can be modelled using synthetic data and simulations.

Information sharing is still seen as a key limiting factor in the fight against financial crime and fraudsters are taking full advantage. Simulations and synthetic data allow firms to share knowledge about patterns of suspicious activity without exposing themselves to regulatory breaches. Synthetically generated financial crime simulations give financial institutions the chance to build up their defences against criminal techniques.

Challenge 2: Scam detection

Scams are ever changing and fast detection is crucial! Synthetizor® contains the world’s most comprehensive repository of financial crime behavioural simulations and a specifically designed synthetic data generation engine designed for anti-financial crime applications. 

The FinCrime Simulation Library has been created in a joint effort by our in-house research team and wider community made up of world leading experts in financial crime intelligence, machine learning and data science. Data sharing and financial crime knowledge are coming together to fight fraud.

Challenge 3: Emerging threats

There’s our world, the galaxy outside of ours that we’re aware of, and then there’s the rest of the universe.

FinCrime Dynamics is increasing the breadth of protection from emerging scam threats by closing the knowledge gap - the unknown unknowns - and creating forward looking simulations for control testing through Scam Hunter.

Our clients benefit from the full breadth of intelligence of APP fraud behavioural techniques via Scam Hunter’s FinCrime Simulation Library. The Library is constantly updated so our clients keep abreast of new threats and fully understand their exposure to existing ones.