- Combination of existing and new analytic-based systems that address specific fraud management needs, linked as needed to provide centralized insight and control.
- Case management and other fraud management functions performed at the level where they are most effective. Ability to share alerts, scores, strategies, decisions, and case dispositions across channels, products and lines of business as needed
- Conform EFM concept to organization and technology infrastructure.
In financial services, there’s a common misunderstanding about how best to fight fraud across the enterprise. The thinking has been that only a large, monolithic system—and a very large investment—can keep pace with fraud’s growing complexity, and its pervasiveness across channels, portfolios, and lifecycle stages. At FICO, we see Enterprise Fraud Management differently.
A Logical, Flexible, Cost-Effective Approach
FICO agrees that lenders need a centralized, coordinated system for mitigating today’s fraud. But we don’t equate “centralized” and “coordinated” with “hardwired” and “over-expansive.” We believe a key component to fighting fraud is flexibility. After all, fraud continually morphs. Lenders deserve a system that can change with it.
That’s why FICO offers a highly flexible, scalable approach to detect all types of fraud across all channels—as it arises. We begin by assessing your immediate fraud needs, and current systems and practices. Then we can help you:
- Take advantage of—and leverage your investment in—your current fraud point systems.
- Tie together and reinforce your systems with FICO analytic, profiling and other fraud prevention technology
- Avoid investing millions of dollars in a new system.
- Maximize IT resources rather than committing them to building and maintaining a new system.
There’s no sense in building portions of a fraud system you don’t currently need. FICO Enterprise Fraud Management gives lenders the agility and flexibility to incrementally address fraud needs as they change, work within realistic budgets, and maximize proven technology and resources.