Case Management: Optimizing Manual Reviews at Scale for Fraud Prevention

Posted May 23, 2017

Case Management: Optimizing Manual Reviews at Scale for Fraud Prevention

In many organizations, fraud analysts are struggling to keep up with the ever-increasing number of events that require manual review.

Throttling up policy thresholds for suspicious events — thus reducing the total number of cases flagged for review — is certainly one approach. But it’s nobody’s idea of a perfect solution.

In addition, many organizations employ tools that fail to support the scale required to manage the ever-increasing inflow of suspicious events.

With losses from cybercrime expected to double to nearly $6 trillion by 2021, these organizations must figure out a better way of handling these manual reviews.

Worst Case Scenario?  

Some organizations are leveraging existing CRM systems to manage fraud, while others are using spreadsheets. Whatever the process, information that’s extracted in isolation and analyzed manually or in separate systems is only going to get fraud analysts so far.

According to a new report in the Harvard Business Review, it’s now imperative that organizations explore the use of automation, wherever possible, to optimize existing fraud prevention processes and resources.

For example, a lack of automated processing and triage can lead to high manual review rates, routing problems and a lack of knowledge sharing that can hobble operations. And, as fraud cases climb, efficiencies plummet, risking damage to the user experience for trusted customers.

To meet the challenge, a growing number of organizations are turning to a new generation of digital identity-based case management solutions to handle a higher volume of increasingly complex caseloads.

Enter: ThreatMetrix Case Management   

The latest release of ThreatMetrix Case Management provides a single integrated solution for fraud case management throughout the entire investigation life cycle. Part of the company’s award-winning Dynamic Decision Platform, the solution automatically monitors, updates and isolates transactions that require additional review.

From initial assignment of events through final case closure, the solution provides analysts with the tools they need to analyze, collaborate and take appropriate action on a growing volume of complex cases, even with shrinking resources. The latest version also includes enhanced analytics and visualization capabilities.

According to organizations that have deployed it, ThreatMetrix Case management comes with a key set of capabilities that enable analysts to:

Automate Account Creation — Analysts can apply flexible criteria to govern automation of the case creation process. For example, “all international transfers that exceed a certain threshold and originate from new account holders” can be placed in a “high risk” queue. And an intelligent rules engine applies conditional logic to all events to direct them to new or preexisting cases using priority ordering.

Streamline Division of Labor — Queues can be set up for various use cases or business units to route cases to the appropriate parties, so analysts can focus on prioritized cases.

Perform and Manage Investigations — Analysts can perform and manage detailed, forensics-based investigations as they see fit, including manually establishing new cases or assigning an event to an existing case based on event and case attributes. They can also assign, reassign or change priority, as applicable.

Assign Actions — Available actions can be defined and applied to specific cases, or individual events within a case, for each queue—manual review, SMS or third-party action. For events within a case, the actions include accept, remove or close a case, either individually or in bulk.

Integrate for Downstream Automation — Case management can also integrate into other solutions via APIs to allow downstream automation and further reduce the need for manual work.

Conduct Audits and Share Knowledge — Case histories and research tools enable analysts to review cases, provide case notes and drive continuous evolution and learning among analysts and even other departments.

Redefining Fraud Review   

The combination of automated and manual case management means analysts have the flexibility they need to streamline operational workflows at scale.

And since the ThreatMetrix Case Management is underpinned by the ThreatMetrix Digital Identity Network, analysts can leverage shared, real-time threat intelligence from millions of daily transactions around the globe.

The result in higher volume, greater efficiencies and less friction for trusted customers and reduced losses from fraud.

How are you handling manual reviews? I’m interested to hear how well that process is working.

Alisdair Faulkner

Alisdair Faulkner

Chief Products Officer, ThreatMetrix

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