Fraud is no longer an isolated risk; it’s a national security issue. With over $1 trillion lost to fraud globally each year and hundreds of millions of citizens affected, the need for a unified approach has never been greater. Yet, most organisations still handle fraud as a departmental issue - a problem for “finance” or “security”. The reality is that fraud now cuts across every function, from HR and IT to customer service and communications.
Why a connected approach matters
In our research across UK financial institutions, we found that fewer than half had a documented fraud operations framework. Even fewer had mechanisms to connect fraud teams with cybersecurity or threat intelligence units. The result is duplication, delays, and gaps - the perfect environment for sophisticated criminals.
Fraud OS is our response to this fragmentation. It’s a connected model for managing fraud operations - merging people, processes, technology and intelligence into one coherent framework.
What Fraud OS does
At its core, Fraud OS functions like an operating system for an organisation’s anti-fraud capabilities. It defines how incidents are identified, reported, investigated and closed, ensuring consistency and transparency. The model maps 18 critical capabilities - from incident response and threat intelligence to customer communication, compensation and data governance.
Each capability is assessed through a Fraud OS Control Model, which audits not only whether a control exists, but also whether it’s visible and effective. For example, it checks if an organisation has a clear fraud reporting process - and whether that process is accessible to the public.
Bridging fraud and cybersecurity
Fraud and cybercrime are deeply intertwined. Phishing emails, smishing texts and social engineering often lead directly to financial loss. By merging fraud and cybersecurity operations, organisations can detect attack patterns earlier and share insights in real time.
Through the Fraud OS Command Centre, data from multiple channels - SMS, email, websites, and even social media - can be analysed collectively to reveal patterns of impersonation and emerging threats.
Benefits for institutions and citizens
- Faster detection and response - real-time intelligence sharing reduces investigation times
- Transparency and trust - visible controls reassure customers that fraud is taken seriously
- Improved regulatory readiness - alignment with NCSC, NCA and FCA guidance on financial crime prevention
- Public confidence - customers and citizens see their institutions actively working to protect them
A vision for the future
The fight against fraud requires innovation, collaboration and transparency. Fraud OS isn’t just a framework - it’s an ecosystem that unites governments, banks, universities and councils under a shared mission: to reduce fraud through intelligence and technology. Fraud OS is one of the tools helping to deliver our vision of proactive protection for consumers and citizens.
