Artificial intelligence is transforming the financial sector’s ability to detect and prevent fraud. With over £1 trillion lost globally to scams each year, AI offers both a challenge and an opportunity. Used responsibly, it can empower banks, regulators and fraud teams to identify suspicious activity faster and more accurately than ever before. The scale of the problem Fraud now accounts for over 40% of all crime in the UK. Financial institutions face relentless attacks ranging from phishing and smishing to insider threats and synthetic identity fraud. Traditional systems often rely on static rules or manual reviews, which cannot keep pace with evolving threats. Why AI is a game-changer AI can analyse millions of data points in real time, spotting subtle anomalies that human analysts might miss. Natural language processing (NLP) helps systems understand communication patterns, while machine learning models learn from historical fraud data to predict new threats. At PORGiESOFT Security,

“2LOD” stands for Second Line of Defence, a risk management concept widely used in financial services, government and enterprise. In fraud prevention, 2LOD tools refer to the technologies, analytics and frameworks that provide oversight, assurance, and monitoring over frontline operations. Understanding the Three Lines Model 1st Line: Business units that own and manage risks day-to-day. 2nd Line: Risk and compliance teams that monitor and challenge the first line. 3rd Line: Internal audit that provides independent assurance. 2LOD tools help the middle layer function effectively. They don’t stop fraud directly but ensure that detection, monitoring and governance are robust. Examples of 2LOD anti-fraud tools Fraud Control Models - Intelligence-driven framework for mapping and benchmarking anti-fraud maturity. Fraud Risk Dashboards - Visual analytics showing real-time exposure across departments. Policy Assurance Systems - Tools to verify that fraud procedures are being applied consisten

Authorised Push Payment (APP) fraud has emerged as one of the most damaging forms of financial crime in the UK. Unlike traditional scams, APP fraud relies on deception rather than hacking. Victims are persuaded to transfer money themselves - to a criminal account they believe is safe. How APP fraud works A typical case begins with a convincing impersonation: a phone call from “the bank’s fraud team”, an SMS alert, or even a WhatsApp message appearing to come from a family member. The victim is told their account has been compromised and that they must transfer funds “for protection”. Once the transfer occurs, the funds are often dispersed through a web of mule accounts within minutes. The emotional dimension Fraudsters no longer rely solely on technical skill. They exploit emotion - fear, trust, love, urgency - to manipulate and confuse victims. PORGiESOFT Security’s behavioural analysis shows that victims generally report “feeling pressured by authority” during the scam. Why detection

You can't wait to start shopping this Black Friday, maybe you've even been sent some early deals. How can you stay safe online? Black Friday is an exciting time for businesses, there are so many transactions. In 2021, Black Friday falls on November 26. Last year according to the PwC, 88% of shoppers expected to do their black Friday shopping online and we can expect something similar this year. The surge in transactions saw one card processing firm process over 1,000 transactions per second. Current events remain one of the most important weapons in the arsenal of fraudsters, they exploit current events to make a scam more relevant, more believable and more urgent. Due to the time-limited nature of black Friday deals, the volume of transactions and the ensuing surge in deliveries over the next few days, there’s a strong possibility you or your loved ones could inadvertently become victims of cyber fraud. What can you do to stay safe? We’ll take a closer look at the overall threat land