DIGITAL FRAUD RISK THINK TANK

The Think Tank is comprised of senior executives from top financial institutions and regulatory agencies to explore the potential for AI and ML to improve fraud detection.

Following an upsurge in fraud during the pandemic, the group has narrowed its focus to the growing threat of digital fraud. FiVerity is currently the meeting organizer and moderator.

Fighting fraud via information sharing has been a key focus for the group, which believes collaboration should play a critical role in fraud mitigation across financial institutions.

The initiative has advised members of the U.S. Congress on a collaborative model that can be used to combat digital fraud via information sharing, which was included in the COUNTER Act of 2019 and the AML Act of 2020.

HIGHLIGHTS

THE INITIATIVE’S SUCCESS IN WORKING WITH CONGRESS TO MAKE A POSITIVE CHANGE TO DIGITAL FRAUD PREVENTION:

NOVEMBER 2018:

Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform.

2022
March, 2022

Think tank reconvenes to move 2022 initiatives forward. This year’s work to focus on enabling secure information sharing across organizations to fight digital fraud.

February, 2022

Federal Reserve publishes Synthetic Identity Fraud Mitigation Toolkit to support awareness and prevention efforts across the payments industry.

2021
September, 2021

Based on input from the think tank, FiVerity launches Cyber Fraud Network, enabling fraud-related information sharing across the finserv industry.

2020
November, 2020

Info-sharing network is launched with support of the think tank. The anti-fraud platform is driven by machine learning and features PII-secure data sharing in a unique way for financial institutions, government agencies and regulators to collaborate on digital fraud.

October, 2020

The National Cyber Forensic and Training Alliance joins the initiative as a digital fraud research partner to provide actionable threat intelligence to fourteen federal and state law enforcement agencies.

October, 2020

The Federal Reserve appoints the group’s founder, Greg Woolf, to the Synthetic Identity Fraud Focus Group.

September, 2020

The initiative provides comments on FinCEN’s Advance Notice of Proposed Rulemaking (ANPRM) to modernize the effectiveness and efficiency of anti-money laundering (AML) programs.

May, 2020

The initiative’s leadership is appointed to the Massachusetts FinTech Working Group’s Regulatory Innovation Workstream to engage with state-level regulators, including the Massachusetts Division of Banks, and advise on modernization of regulatory compliance.

February, 2020

The initiative brings together financial institutions, Federal Reserve and regulators to pilot collaborative AI solution for synthetic identity fraud detection.

2019
October, 2019
September, 2019
July, 2019
June, 2019
March, 2019

House Financial Services Committee sends letter to FinCEN on the use of collaborative AI to improve fraud detection

House Financial Services Committee members send letter to FinCEN

2018
December, 2018
November, 2018

Senate Banking Hearing on Combating Money Laundering and Other Forms of Illicit Finance.

October, 2018

The think tank meets with members of Senate Banking and House Financial Services Committee to advise on AI for digital fraud detection.

June, 2018

The initiative proposes the collaborative AI concept
Senate Hearing proposes innovation to fight illicit finance with AI

February, 2018

FiVerity establishes the think tank to expand the use of AI in financial crime prevention.