End User Licence Agreement

On April 1, 2004 the Utah Bankers Association introduced Fraud-NET.com, a program that uses the Internet to create a fraud alert database on which financial institutions can post and read alerts about criminal activities.  The UBA is one of 19 state banker association that have committed to the Fraud-Net program.  This is in addition to the extensive UBA’s Identity Theft Prevention campaign which started the beginning of this year.

Fraud-NET is an online financial fraud alert network that is now being used by financial institutions and law enforcement across the country.  Before the creation of Fraud-NET, financial institution security officers relied on insecure, outdated technologies to share information about fraud.  These security officers and law enforcement officials provided the inspiration to develop Fraud-NET.

Fraud-NET effectively eliminates the time delay that allows criminals to perpetrate fraud at several institutions.  Fraud-NET cuts off a criminal’s ability to move from financial institution to financial institution committing fraudulent activity that seriously impacts the financial institution and its customers. 

How does Fraud-NET work?

Fraud-NET provides users with a fraud alert database on which to post and read alerts about criminal activities affecting financial institutions.  The information is separated into categories based on the region of the state.  Users choose which regions they have interest in and receive e-mail alerts each time new information is posted to those regions.  There is also a category for statewide or nationwide alerts, deemed to be of interest to users in extended areas.

History of Fraud-NET

Fraud-Net.com was launched in Florida by the Florida Bankers association two years ago.  Responding to concerns of its Non-Credit Loss Strike Force, the FBA spent two years developing Fraud-NET.  While fraud losses continued to escalate, the task force noted a perceived lack of cooperation within the industry to communicate about fraudulent activities.  This immediately led to the idea of creating a fraud database that every financial institution and law enforcement agency could share.

Important features of Fraud-NET

The database allows users to search for people at other financial institutions or in law enforcement.  Frau-NET uses Microsoft SQL Server 2000 for storing date, which allows for a high-end searching potential, and also allows for excellent scalability as new states join the Fraud-Net system.

The alert search feature allows users to search alerts for certain information that is of interest to them.  Users are able to search message text or specific fields.  Every alert prints out in a bulletin style, which enables users to post within their institutions or distribute as needed.

By the end of April, users should be able to upload and download the information from Fraud-NET directly into and out of their own systems.  This will help to alleviate some of the burden of posting individual accounts of fraud for larger institutions that may have many instances per day.

An online help file provides users with step-by-step guides to using Fraud-NET.  This is also downloadable and printable.  And unlimited number of users from member institutions can sign up on Fraud-NET

Is Fraud-NET secure?

Yes.  Fraud-NET.com is a secure website using 128-bit encryption.  To be sure that the website’s sensitive information does not fall into the wrong hands, new users must be a approved by an administrator; and to prevent excessive alerts and irrelevant information from being posted, new alters also must be approved.  Even though users receive e-mail alerts when new information is posted to their region, none of the sensitive information from the message board posted is ever sent through e-mail.  The alerts simply notify the user that there is a new alert in their region.

Users within each organization will be assigned a unique ID and password.  All passwords are encrypted when stored.  Each login, inquiry, delete, and/or change is recorded in the database with a date and time stamp for audit purposes.  The Fraud-NET system tracks failed login attempts and records the accessing IP address and/or the user account being accessed.  Upon 10 failed login attempts, the system will restrict access for the IP address and user account until the database administrator unlocks the account.  This prevents “brute force” attacks by would-be hackers of the system. 

How much does Fraud-NET cost?

Access to Fraud-NET will be free to all members of the Utah Bankers Association, law enforcement professionals and regulators.  All non-member federally insured Utah financial institutions can access the system for a fee. 

Find out more

If you would like more information or would like a training session at your institution, please contact the UBA at (801) 364-4303.