Fraud Red Team is a third-party fraud testing service that simulates fraudster attacks against financial institutions to identify vulnerabilities in fraud prevention controls. The service conducts over 1,000 live tests using real accounts funded and controlled by the testing team. The service tests fraud prevention and detection controls across multiple channels including web/online banking, mobile apps, phone systems (CSR/IVR), live chat, branches, ATMs, and point-of-sale/card-not-present transactions. Testing covers various product types such as deposit accounts, credit cards, brokerage, lending, and cryptocurrency. Tests are conducted throughout the account lifecycle including account opening, account access, account maintenance, and money movement. The service simulates common attack vectors including identity theft, synthetic identity fraud, device spoofing, location manipulation, remote access, low-and-slow bot attacks, account takeover, and fake documentation. The methodology involves using live accounts with real money to test how fraud controls are implemented in production environments. Testing assesses alignment of controls within channels, across channels, and across different product types. The service provides detailed reporting on identified gaps and weaknesses along with remediation recommendations. Unlike traditional paper-based risk assessments or post-fraud defect analysis, this service proactively identifies vulnerabilities before fraudsters exploit them. The approach is designed to test customer identification and authentication policies, fraud rules, fraud policies, and fraud operations.