10th May 2024

Smartnumbers Consortium: the power of community

By Jamie MacGregor

Fraudsters don’t operate in silos, so why should counter-fraud professionals? And collaboration between fraud teams in the fight against fraud is so much easier when your technology solution enables it by design.

Smartnumbers analysis of calls made to our customers’ contact centres shows that 52% of the bad actors we flagged were targeting more than one organisation. Individual fraudsters can be seen targeting contact centres again and again across multiple organisations and sectors, using a variety of techniques to validate stolen personal data and gather more.

For fraud teams trying to keep up with fast-evolving fraudster behaviour, keeping track of the suspicious activity flagged by their own teams is cumbersome. Having easy access to intelligence from other organisations is very rare. Yet both are essential if we are to be effective in the fight against fraud.

Traditionally fraud teams (and the systems they use) operate in silos, with collaboration and intelligence-sharing between departments and other organisations a slow, manual process. It can also feel exposing to share data on potential fraudulent activity outside the company. 

This is where Smartnumbers Consortium comes in – by enabling our community to share data and work together.  We do this through knowledge and best practice sharing events – and more specifically through the consortium intelligence-sharing features in the Smartnumbers Protect platform itself.

As part of Smartnumbers Protect, we maintain structured profiles with intelligence about known fraudsters identified by our customers. This enables organisations to effectively handle calls from fraudsters and manage risk.

Cross-organisational intelligence-sharing through the Smartnumbers platform makes it easier to stop fraud:

  • Gathering intelligence about fraudsters flagged by Smartnumbers customers, such as how many organisations have flagged a particular caller and how many incidents they have been involved in, gives fraud teams more confidence to make decisions.
  • Details on the methods used by prolific fraudsters  give a better understanding of the fraudster lifecycle and how the contact centre is involved.
  • Access to collective intelligence along with the ability to create internal fraudster profiles, store notes and configure alerts for certain callers enables fraud teams to speed up fraud investigations and take action more quickly.

This rich, combined data source is a powerful tool which can be used by both fraud operations teams and organised crime teams to build up more context about prolific fraudsters and assist in complex fraud investigations.