Insights Thought Leadership

Reducing Fraud Loss While Improving Staff Efficiency

Reducing Fraud Loss While Improving Staff Efficiency

Categories:

Fraud, Automation

In a traditional environment, reducing fraud loss requires increasing the load on fraud analysts, decreasing customer satisfaction as they are denied rapid access to funds, and increasing pressure on front-line staff to balance the needs of the institution and the customer. This can also significantly increase operational costs for FIs.

In order to reduce this pressure on employees, financial institutions need a solution that can provide a multi-fund, cross-channel analysis to detect fraudulent items, fraudulent transactions, and money laundering activities with an integrated interface for adjudicating suspect items. A platform with these capabilities enables institutions to improve operational efficiency with increased accuracy, simplified adjudication and case management, management insight and KPIs, and multi-media staff training.

This platform can also increase accuracy without increasing cost for FIs. Traditionally, detecting more fraud requires “casting a wider net,” which can result in an increased load on the analysts and often a net loss to the institution. A cross-channel fraud detection platform can increase accuracy by combining automated decisioning with predictive analytics, allowing more “true suspect” items to be analyzed, fewer false positives returned, and a decreased analyst alert queue load. Automating these functions enables FIs to accurately detect more fraud without additional workload for front-line staff.

The ARGO Fraud solution, OASIS™ (Optimized Assessment of Suspicious Items), provides cross-channel, multi-fund analytics and adjudication workflow to detect fraudulent transactions and suspicious items. OASIS provides value in each area by more accurately detecting and preventing fraud through multiple channels through a single platform. More intelligent detection and machine decision-making allow for streamlined and accurate reporting and improved strategic decisions by financial institutions concerning the direction they take in their fight against increasingly challenging fraud perpetrators.

Download ARGO’s Maximizing Operational Efficiency in Fraud Prevention interview brief.

 

Download ARGO's interview with David Engebos