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Authorized Fraud (noun) aw-thuh-rahyzd frawd

  1. Definition: A form of financial deception where a trusted entity knowingly authorizes a transaction under false pretenses, often due to manipulation or deceit.
     

  2. Specialization: LepreCon specializes in detecting and preventing authorized fraud in banks and insurers, including:

  • Authorized Push Payments (APP): fraudulent transfers initiated by victims

  • Social Engineering Scams: deceptive tactics used to manipulate individuals into revealing confidential information or transferring funds

  • Embezzlement: fraudulent misappropriation of funds by an employee or trustee

  • Sales Misconduct: unethical or deceptive practices in financial product sales

  • Insurance Fraud: fraudulent claims or misrepresentations in insurance policies

Built from scratch to fight Authorized Frauds 

LepreCon specializes excels detecting Authorized Fraud In banks and insurers with minimal false positive rates.
Social Engineering scams have increased to an epidemic level, conmen manipulate banks' customers to transfer their funds to fake accounts by convincing account holders to initiate the transfer.​

That sophisticated fraud leaves the legacy cyber system defenseless and encourages the conmen. Using innovative, AI-based, data-analysis tech, we identify and alert banks based on customer’s personal vulnerabilities and suspicious account transactions. LepreCon saves millions for each bank and billions for the entire banking industry, and it keeps the customer's assets safe.​

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