Enterprise fraud management is vital for the customer experience
Enterprise fraud as a concept has been discussed for years. Yet, despite the maturity of the phrase, many financial institutions still do not analyze fraud at a truly enterprise level. With different products and channels managed by different teams, different fraud management platforms abound. From a fraud strategy perspective, this means the data, systems, and people for card fraud are not aligned with those for retail banking fraud opening up cracks that fraudsters exploit to their advantage and leaving customers unprotected.
Understanding the building blocks of enterprise fraud
Determine your data and processing ecosystem
Identify your current state of data. What data do you have and what data do you need — whether internal or from a third party? What data can you obtain in real time? Prioritize this inventory.
Fraud attack vectors evolve constantly. Machine learning analytics built on rich consortium data sets provide a self-learning capability that identifies and adapts to sophisticated fraud attacks.
Develop a strategy to solve fraud for the complete customer relationship
Comprehensive customer-level behavior profiles are critical to your enterprise fraud strategy. You need to know what normal behavior looks like for each customer across all of their transactional activity — monetary and non-monetary.
Respond to fraud in real time
Enterprise fraud management must be real-time and sub-second to protect the bottom line and the customer experience.
Layer your defenses
From authentication to understanding how a common point of compromise affects your customer, you need comprehensive and integrated fraud solutions that protect across the customer lifecycle.
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