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Three Insights on Enterprise Fraud Management

Blog: Enterprise Decision Management Blog

Fraud graphic

In many financial institutions, different products and/or channels are often managed by different teams. For fraud management, this means the people managing card fraud are not engaged in managing ACH payment fraud, and the person worrying about customer experience is not the person awake at night with fraud worries.

Forward-thinking banks are taking a more holistic approach to fraud management. We’ve been fortunate to work in partnership with our clients on such initiatives and these three insights have helped them to develop an enterprise-wide, holistic approach to 21st century fraud management.

Short-Term Gains and Long-Term Goals Are Both Vital

Enterprise fraud management can be a daunting endeavour for our clients — there is no “Big Bang”. Where do you start? Be pragmatic, it’s a journey. You first need to define what is urgent and can be achieved now, and then identify and track those you can mature into your long-term strategy. As you are developing your roadmap, there are multiple aspects to consider:

Enterprise Fraud Management Requires the Right Technical Foundation

Your enterprise fraud management journey needs to be supported with a flexible, sophisticated platform with the capabilities required to meet your defined business objectives.

A multi-tenanted fraud prevention platform gives analyst and strategy teams a complete solution suite for risk management and payment decisioning. The customers we have worked in partnership with have found it very valuable to be able to integrate various fraud defenses on a single fraud strategy platform, across multiple products and channels.

The Right Help Is Important

An expert and objective outsider can drive success. The customers we’ve worked in partnership with have found the services of the Fair Isaac Advisors to be invaluable in driving their enterprise fraud management approach.

Advisors can help you to establish the right goals for your enterprise; architect journeys that account for the people, process and technology changes required to meet your objectives; and support with expert execution. This is critical to the shared success of real-world enterprise fraud solutions and is powered by industry knowledge and on-site experience from hundreds of global advisory engagements.

If you are a FICO® Falcon® Fraud Manager customer, you may find that help from Fair Isaac Advisors is included in your services agreement — if you’re not sure, why not ask?

The post Three Insights on Enterprise Fraud Management appeared first on FICO.

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