Sharing Fraud Data Across Industries Will Enhance Customer Protection | Lloyds | Smartnumbers Consortium 2024

It’s time to look at fraud from the bank’s perspective.

At Smartnumbers Consortium 2024 we spoke to a whole host of different people looking to work out how they can help tackle the fraud threat.

Here we speak to Louise Oliver, a fraud investigator at Lloyds who highlights how fraudsters often mimic legitimate customer behaviour, making detection difficult, and advocated for an open platform that would facilitate better information sharing across industries to enhance customer protection.

Read on to find out more.

Working out a common approach

Louise Oliver is a seasoned fraud investigator at Lloyds, and here provides insights into the challenges faced in combating fraud within contact centres. Louise, who is already familiar with the Smartnumbers platform, was eager to learn about the latest updates and future developments that could enhance their existing systems. She expressed a keen interest in understanding how fraud is impacting other industries, seeking to identify new areas of concern and compare them to those faced by Lloyds.

Oliver also highlights that contact centres are prime targets for fraudsters due to their access to personal data and the frequent interaction with customers. She explained how fraudsters often mimic legitimate customer behaviour, making it difficult to distinguish between genuine and malicious activities. This tactic allows them to gradually gather small bits of information through repeated calls, which can then be used to compromise accounts.

Collaboration is key

As we’ve established in other videos from the Smartnumbers series, a significant suggestion is the need for stronger collaboration between companies to combat the growing threat of fraud. Oliver emphasised that an open line of communication across industries is crucial.

Historically, there has been reluctance to share information due to long-standing industry practices, but she noted a positive shift towards greater openness and cooperation. Our guest believes that creating an open platform for communication would significantly enhance the collective effort to protect customers from the increasingly sophisticated methods employed by fraudsters.

It’s a great idea and underscores the importance of continuous learning and collaboration in the fight against fraud, particularly in environments like contact centres where personal data is at risk. Her advocacy for industry-wide communication reflects a broader trend towards unified efforts in fraud prevention, highlighting the evolving nature of the battle against financial crime.