How Banks Hunt Repeat Fraudsters | Santander

Why It Matters

Coordinated, real‑time intel sharing reduces financial losses and strengthens the banking sector’s resilience against high‑volume fraud campaigns.

Key Takeaways

• Santander uses “smart numbers” tool to track repeat fraudsters.
• Consortium collaboration aims to share intel on high‑volume tele‑fraud calls.
• Fraudsters make over 120 calls per day using multiple simultaneous numbers.
• Rapid, in‑software communication is essential for effective response.
• Losses reach thousands of pounds, prompting need for coordinated defense.

Summary

In a recent consortium briefing, Lucas, a fraud investigator at Santander, outlined the bank’s use of its proprietary “smart numbers” platform to identify and block repeat fraudsters. He emphasized the need for stronger links among consortium members to exchange actionable intelligence and streamline collaborative responses. The discussion highlighted staggering fraud metrics: notorious tele‑marketing fraud rings generate more than 120 calls per day per mobile number, often deploying several numbers simultaneously. Such activity translates into thousands of pounds in losses for banks and merchants, underscoring the scale of the threat. Lucas cited concrete examples, noting that a single fraudster can sustain high‑volume call bursts over extended periods, exhausting traditional detection tools. He advocated for rapid, clear, and direct communication embedded within the fraud‑management software to accelerate mitigation. If banks adopt these coordinated, real‑time sharing mechanisms, they can curb repeat offenses, protect revenue, and set a new industry standard for collective fraud defense.

Original Description

How do banks track down repeat fraudsters?

At Smartnumbers Consortium 2024, Lukasz Wodniok shares insights into the evolving world of fraud prevention and the growing challenge of telephony fraud.

Working on the front line of fraud investigation at Santander UK

, Wodniok explains how repeat offenders exploit phone channels, rapidly switch numbers, and attempt hundreds of fraudulent calls in a single day.

In this interview, discover:

• How repeat fraudsters avoid detection

• Why telephony fraud is so difficult to stop

• The importance of real-time fraud intelligence sharing

• Why collaboration is critical in fighting financial crime

Watch more interviews from Smartnumbers Consortium on FF News:

https://ffnews.com/fintech-tv/event/2024/smartnumbers-consortium-2024/finding-the-worst-fraudsters-santander-smartnumbers-consortium-2024/

@smartnumbers @santanderuk