Fraud Management Platform
Fraud is a serious business, not just for its victims, but also for the people who work to prevent it, fight it and manage it.
Managing fraud is a pain, especially without a single radar system and continuously changing forms of attack. The inefficient handling of fraud alerts can result in extremely high operational costs, and damage to reputation through a poor customer experience. Fraud management it is all about making the right decisions, taking the right actions and most importantly, treating your customers in the right manner.
One of the biggest hurdles to overcome is the constant need to adopt to an ever changing and evolving mixture of financial and reporting applications. In an ideal world, what you want is a highly dynamic and flexible way for agents to be able to respond to and handle fraud cases and alerts in an effective and efﬁcient manner. Is such a thing possible?
Fraud Dynamics have found the perfect partner in Finaps to develop the FD Manager. This application handles incoming information through the detection engine, client contact and batch info upload. The detection engine assesses the possibility that events performed by client are fraudulent (these events could include internet banking transactions, new credit card request etc.) and stores them in the database for future reference. If a client notices something strange such as a suspicious cash withdrawal, this can be directly reported to an agent through client contact. Finally, if fraudsters are aware of specific information about a product (such as login names or passwords) this is marked as ‘contaminated’. Agents can then use batch info upload to add this to the system and take measures on all of these products at once.
The extremely clever part of this platform is the ability to structure the process of reacting to fraud using all of these different forms of incoming information, so that it is handled and managed in a highly efficient and dynamic way.