Fraud expert Anna Prince-Palmer reveals the psychological tactics that separate successful fraud fighters from those who constantly play defense. With 15 years of experience spanning law enforcement and tech, she breaks down why understanding criminal behavior is your most powerful weapon.
Anna explains why fraudsters are more motivated than you are - their survival often depends on success while you clock out at 5pm. She demonstrates how to think like an attacker by asking "how would I get this product if I had no money" and shares real examples of spinning up test accounts to find vulnerabilities before bad actors do.
The conversation tackles the dangerous phrase "acceptable risk" and why it signals weak defenses. When you leave small gaps open, fraudsters find them, exploit them, and share techniques with entire networks. Anna and the community discuss honey pot strategies, reseller fraud schemes, and the ego-driven nature of cybercriminals who can't resist bragging about their methods online.
Key insights include translating fraud concerns into business language that marketing and product teams understand, using fraud incidents as momentum for systemic changes, and building cross-functional relationships that prevent fraud from being siloed in the basement.
Key topics covered:
[00:00] Intro
[03:13] Celebrating one year fraud community milestone
[05:42] Meet Anna Prince-Palmer
[08:41] Understanding criminal psychology drives fraud prevention
[10:46] Respecting fraud actors as motivated professionals
[12:29] Testing your own products like fraudsters
[14:56] Translating fraud insights to business stakeholders
[18:37] Leadership turnover disrupts fraud strategy consistency
[23:39] Why acceptable risk mindset fails businesses
[26:34] Honey pot strategies for fraud intelligence
[32:49] System confidence beats loss tolerance metrics
[36:21] Credit card testing through MLM platforms
[39:19] Reseller fraud schemes targeting physical products
[47:07] Mental health tips for peak fraud season
Connect with Anna Prince-Palmer on LinkedIn for fraud strategy insights and follow the Fraudcast community for weekly discussions on the latest threats and defense techniques.
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