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Fraudsters are becoming increasingly sophisticated. How will you respond?
Not only is fraud on the rise across the board, but often the biggest risks are those that extend across multiple channels such as check fraud, kiting, deposit fraud, credit abuse, internet fraud and identity theft, not to mention fraud rings. No single detection software is built to spot every permutation, so potential risks fly under the radar in any one functional area, and are not captured until its too late. The data needed to understand each fraud is often common, but because each detection solution is independent, IT staff are forced to repeat costly integration efforts. Analysts and managers charged with prevention and recovery efforts are often forced to look manually into many different systems to compose a complete picture of the situation.
The upshot: because it is too difficult to sort out false positives from real positives, and worse, false negatives from real negatives, millions of dollars in losses accrue, many losses are misclassified, recovery timeframes are longer than necessary and customer satisfaction suffers.
How will you respond?
"FSIs cannot combat fraud effectively or efficiently with disjointed systems. Siloed fraud management makes it nearly impossible for financial institutions to share information across specialized fraud systems. This is a critical point because FSIs need to be able to detect and shut down fraud as new fraud types and combinations pop up and move across lines of business and channels…. Enterprise fraud management goes far beyond the actual antifraud systems to include best practices in data and business process management, analytics, integration, and data protection.” -Source: Tower Group
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These trends suggest that investigating fraud by looking at data across  silos is more important than ever to quickly understand and respond to risks.
"Point solutions are effective in reducing certain types of fraud, but FSIs must also implement enterprise technologies such as business process management, dashboards, data integration solutions, and unified case management to provide a full and timely picture of fraud across the fraud silos.” -Source: Tower Group, Virginia Garcia
Digital Harbor meets all of these requirements with the Integrated Fraud Platform. Delivered jointly with EFD - a long established technology provider to the financial industry - the solution enables institutions to leverage the rich information and systems they already have in place to make more efficient and effective decisions about fraud.
The Integrated Fraud Platform relies on Digital Harbor's composite application technology to sit on top of any number of fraud transaction monitoring tools and core banking systems. EFD provides domain expertise developed from deploying data and decisioning solutions to 8,900 institutions.
- Single unified view of a situation or event
- Real-time logical access to many sources as if they were one (no need to copy all the data)
- Direct access to multiple detection and alert tools (PPS, EARNS, DDA, etc)
- Databases (DDA / savings, customer, transaction data, card)
- Lists (watch lists, stolen cards, black and grey lists)
- Existing case systems (kiting often relates to AML)
- Documents, images, web sites and email
- Composite fraud and management dashboards
- Geospatial and graphical link analysis (maps and timelines)
- Train-of-thought ad-hoc analysis
- Link data and documents to discover hidden relationships
- Rule-based alert screening and automatic assignment
- Collaborative workflow with manual and/or automated steps for process escalation and tracking
- Granular auditing of both investigative processes and results with role-based security
- Flexible architecture sits on top of existing information technology environment
- Integrates seamlessly with enterprise infrastructure (security, messaging, deployment)
Information Silos:
A data source that is separate from other systems and data sources in an organization. It is not correlated with any other information and usually has an application to which it feeds data. |
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The Benefits |
"Fraud management is becoming an important competitive differentiator because new fraud types such as online banking fraud and identity theft correspond to a potential loss of customer confidence and reputational damage."
- Virginia Garcia, The Tower Group
Reduce your risk of losses, customer churn, reputational damage and make existing investments in fraud infrastructure more valuable by linking them together for intelligent investigation and response. The result is a savings of days in analysis, avoidance of costly errors and the discovery of patterns that would have been previously “under the radar” is each system.
- Avoid Losses
While the financial impact varies widely, customers typically lose the entire contents of their DDA accounts and the resulting impact on the customer and institution are severe.
- Maintain Customer Satisfaction
Actual fraud or negative press regarding fraud has financial impact beyond the immediate dollars lost. The secondary effects include reduced wallet share or customer churn (lifetime value); and many forms of internet fraud can undermine consumer confidence in an important, low cost new channel.
- Increase Efficiency
Automating data collection and correlation can speed triage and investigation, enabling analysts to handle twice the alert volume and reducing false positives by as much as fifty percent.
- Lower Total Cost of Ownership (TCO)
Eliminate redundant integration effort and redundant copies of the same data by removing the need to integrate the same information for multiple silos.
- Prepare to Adapt
Are you implementing a solution today that will help you respond to new fraud types that have yet to be developed, as they move across lines of business and channels or as you add new data sources and new detection tools over time?
- Drive Competitive Advantage
The same composite view of a customer or account that is needed to understand and respond to fraud can be used to identify opportunities, cross-selling and building customer relationships.
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