#4085: New ProSight Fraud Alert Network Allows FI Professionals to Collaborate Fighting Bad Actors...

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Jason Bartolacci, Director of Fraud Alert Network at ProSight (the new organization formed from the BAI/RMA merger last year), and Isio Nelson, Managing Director, Research, Fraud & Thought Leadership at ProSight, stopped by the show to announce how ProSight has launched its new financial institution-focused Fraud Alert Network.

This new network enables banks, credit unions, and fraud professionals to collaborate on one platform to report, troubleshoot, and solve fraud incidents. The timing of this new network couldn't be any better with the holiday season upon us already.

Jason and Isio also talked about the network's training and awareness campaigns that are essential for credit unions to safeguard their members, highlighting the importance of continuous communication and collaboration among institutions.

Q&A summary
What is the purpose of ProSight's Fraud Alert Network and how does it function?
ProSight's Fraud Alert Network is designed to facilitate collaboration among banks and fraud professionals, allowing them to report, troubleshoot, and solve fraud incidents on a single platform, especially during peak times like the holiday season.
Can you explain the significance of the merger between BAI and RMA in the context of ProSight?
The merger between BAI and RMA, both century-old nonprofit organizations, aimed to combine their strengths in serving the financial services industry, focusing on sustainable growth and addressing fraud as a critical issue that affects both growth and risk management.
What proactive measures can credit unions take to prepare for increased fraud during the holiday season?
Credit unions should ramp up training and awareness campaigns, communicate consistently with members about potential scams, and adjust their fraud detection models to account for the increased transaction volume during the holidays.
What role does consumer training play in preventing fraud, especially during high-risk periods?
Training consumers to recognize scams and phishing attempts is crucial, as fraudsters often exploit the holiday season with tactics like fake bonus offers or urgent requests for personal information.
What are the long-term goals of ProSight's Fraud Alert Network beyond the holiday season?
The network aims to connect institutions year-round, enabling them to share insights and collaborate on fraud prevention strategies, ultimately helping to mitigate significant fraud cases and protect account holders.
Why is collaboration among financial institutions essential in combating fraud?
Collaboration is vital because fraudsters often share information and tactics; by working together, institutions can enhance their defenses and respond more effectively to emerging threats.

Check it out and let us know your thoughts. Be sure to watch the entire episode below for all the details.