Improving Case Management and Fraud Decisioning While Protecting CX

Enterprise fraud management is undergoing profound changes across the financial services industry. While many of the tried-and-true approaches are still in place and remain quite effective at protecting customers and banks themselves, shifting expectations and the rapid pace of digital transformation are forcing fraud shops to rethink what they do and how they do it.

Last year, FICO surveyed senior executives from banks around the globe responsible for fraud management. Their insights about priorities, desires and challenges were fascinating, with the majority saying their top fraud and risk management investment priorities were focused on case management capabilities, improved customer engagement, and improved decisioning.

Those insights help us, as fraud solution developers, identify the functionality that can help deliver the best outcomes for both banks and consumers.

Delivering the Technology that Leading Institutions Need

As a fraud-fighting professional, I know firsthand how important it is to have the right tools and technology available to support investigators and analysts to resolve fraud concerns for their customers. My team and I are constantly working to improve the solutions we offer to our clients, so the world can be a little bit safer from criminals trying to separate both banks and individuals from their money.

For more than 30 years, we have delivered FICO® Falcon® Fraud Manager, a solution at the forefront of proven fraud protection for credit cards, debit cards, account-to-account payments, and other transaction types around the globe. Utilizing advanced machine learning analytics, Falcon provides real-time protection for virtually any payment type or channel, including card-not-present (CNP), e-commerce and authorized push payment (APP) transactions. As we continue to innovate and adapt, we’ve listened to the market and our clients, and are proud to bring impressive new functionality to the market with the recent release of Falcon 7.0.

With 70% of buyers in our survey investing in fraud case management, a primary focus for Falcon 7.0 was enhancing the Falcon case manager to increase operational efficiency, improve user experiences, and help resolve fraud cases faster while reducing losses.

The new and improved Falcon case manager includes:

• New home page design. In this latest release, a new intuitive, categorized tile-based layout provides easier navigation to the most-used functionality. Administrators can easily customize the tiles based on role.
• Case review updates. Workflow in case manager now follows the order analysts use to review and disposition cases, improving operational efficiency. The transaction grid is front and center to review details that triggered the case, followed by disposition information. New tab-based access to case details optimizes space while making investigation information easily accessible.  When fraud analysts are dispositioning cases, our new color-coded options make it visually easy and intuitive to assign a status, and filtered categorization simplifies the process to close out a case. 
• Redesigned dashboards. Updated dashboards make visual data consumption easier, while allowing for point-and-click filtering.

Investing in Customer Experience

Fraud management systems can be fractured and siloed, creating a challenging situation for both banks and their customers. From the bank’s perspective, having multiple separate solutions to detect fraud, manage fraud cases, and communicate with customers can slow down the resolution process and create operational inefficiencies. It can also be a challenge to consolidate pertinent details about a specific incident or case, especially if pieces of relevant data live in different, disconnected systems.

From a customer’s perspective, disparate systems can lead to frustrations about the amount of time it takes to resolve fraud, frustration with having to repeat information, and challenges in sharing details with and receiving information from their bank.

Since FICO research shows that customers who are dissatisfied with a bank’s fraud resolution process are apt to complain to the bank (52%), complain to regulators (23%) or simply switch banks (13%), leaders in enterprise fraud management are focusing on bringing in the right technology solutions to centralize and consolidate critical functionality and improve their customer communications.

Fostering Enhanced Fraud Decisioning

The need for robust fraud decisioning is a critical factor when authorization and payment decisions need to be made in milliseconds. Falcon 7.0 provides updated functionality for efficient rule writing and reviewing strategies. In addition, the latest release addresses several of the top business concerns reported by buyers. New reporting capabilities help manage costs to monitor fraud operations and provide transparency throughout the decisioning process to avoid regulatory and compliance risk.

Fraudsters are constantly adapting and evolving, and it’s important that fraud detection and fraud prevention solutions evolve alongside the market, ensuring that banks have the right tools and technology to meet the latest challenges and address investment priorities. Download a solution sheet to learn more about how Falcon 7.0 can help your bank better protect your customers.

How FICO Delivers Best-in-Class Enterprise Fraud Management Solutions

• Explore FICO’s comprehensive suite of fraud-fighting solutions
• Learn how Customer Communications Services for Fraud lets you alert customers about compromised card details in real-time
• Get details about FICO’s Card Alert Service
• Read more about FICO’s award-winning retail banking and scam detection model

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