PORGiESOFT Security Completes Comprehensive Landmark Research on FraudOS – An AI-Powered Connected Operating System for Fraud Management to Coordinate Enterprise Fraud Strategy to Reduce Fraud and Scam Losses 

May 17, 2024 (Cambridge, UK) – PORGiESOFT Security recently released its latest research report, unveiling FraudOS, an innovative operating system model for managing fraud operations across the UK’s banking and financial services sector.

Fraud remains a persistent national challenge and an increasing pain for CISOs, GRC executives, operations, customer, security and fraud teams. In 2022 alone, over 3.7 million fraud cases were reported in the UK, with financial losses exceeding £1.2 billion. Despite significant investment, many organisations continue to approach fraud management in a fragmented way, leaving blind spots that criminals exploit.

Introducing the FraudOS Model

FraudOS offers a connected, repeatable framework for preventing, detecting, investigating, and responding to fraud. Unlike siloed approaches, it treats fraud management as an integrated system of capabilities, ranging from incident response and threat intelligence to customer support and compensation strategies.

PORGiESOFT’s research benchmarked the fraud operations of the UK’s Top 5 large banks and Top 5 challenger banks, analysing their digital footprints and fraud control measures. The findings highlight both strengths and gaps, underscoring the need for greater collaboration and consistency. The anti-fraud firm went on to develop a robust fraud control model that can enable the supervision of fraud ops and manage fraud from end-to-end.

“FraudOS is about giving financial institutions an operating model to stay ahead of fraud, not just react to it,” said George Brown, CEO of PORGiESOFT. “Our research shows that by connecting controls across technology, people, and communication, banks can inspire greater confidence among consumers while reducing fraud losses. This research paves the way for our new Fraud Operating System to help organisations monitor and manage fraud challenges more efficiently, delivering significant ROI.”

Key Anti-Fraud Capabilities & Control

The FraudOS framework includes 18 critical capability areas and controls, such as:

• • Incident Response - Fraud

  • People

  • Data

  • Technology

  • Services

  • Innovation

  • Threat Intelligence

  • Reporting

  • Compensation

  • Security

  • Fraud Strategy

  • Fraud Training Content

  • Working Groups

  • Lessons Learned - Fraud

  • Communication

  • Crime

  • Processes

  • Regulatory

  • Customers

  • Fraud Products

By evaluating banks against these benchmarks, PORGiESOFT provides a roadmap for financial institutions and wider organisations to strengthen their fraud defences and align with best practice.

Supporting Security and Consumer Trust

As part of the UK’s Critical National Infrastructure (CNI), the financial services sector carries immense responsibility for fraud prevention. FraudOS directly contributes to national security goals by improving transparency, standardising responses, and encouraging collaboration between banks, regulators, and government agencies.

“Fraud is the most common crime in the UK, and its impact goes beyond money – it erodes public confidence,” said Gina Ojaokomo, SVP Threat Intelligence. “FraudOS provides a way forward for financial institutions to rebuild trust and operate with consistency.”

ABOUT PORGiESOFT Security

Founded in Cambridge in 2018, PORGiESOFT Security builds AI-first fraud intelligence digital assets and financial education solutions to protect citizens, institutions, and infrastructure from smishing, phishing, scams, impersonation, and cyber-fraud. Backed by the National Cyber Security Centre (NCSC, part of GCHQ), PORGiESOFT Security partners with industry, banks, telcos, academia, and government agencies to fight cybercrime at scale.