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Fraud Management
FraudManager offers a robust, integrated fraud management solution that enables issuers and acquirers to detect preventable fraud as early as possible to avoid potential loss. FraudManager analyzes payment transactions that occur at the issuer, acquirer or transaction switch in real time as part of the inline authorization path, or post-authorization for subsequent follow-up. As an integrated solution, FraudManager combines flexible rules creation and management, extensive research and decisioning features, system-generated alerts and a wide range of off-the-shelf reports.
FraudManager comes with a set of packaged rules, which can be implemented as part of the installation to begin rapid fraud detection capabilities as follows:-
Fraud Alerts FraudManager generates fraud alerts based on parameters specified in the fraud rules. A fraud alert consists of information about the transaction, the rule that was triggered, actions to be taken based on the triggered rule and recommendations for resolution. The fraud alert is put into a work queue as part of the Research & Decisioning component of FraudManager or, alternatively, can be sent to an external system or application for processing.
Research & DecisioningResearch & Decisioning provides case management functionality for a fraud analyst to be able to research potentially fraudulent transactions and take appropriate actions. Some of the functions provided by Research & Decisioning include the following:
- The Research & Decisioning Administrator creates queues and assigns one or more fraud analysts to the queue for processing. The administrator can also modify the properties of an existing queue, delete a queue, assign an alert to a fraud analyst, and permit or deny a fraud analyst access to a queue.
- A fraud analyst is able to view all information about the alert including transaction details, the list of rules that were executed and the results. They are able to make notes, re-assign an alert, and close the alert (identifying resolution, cause, etc.).
- FraudManager will automatically close an alert when it becomes stale, i.e. the alert has expired.
- A fraud analyst can escalate alerts by designating who receives escalation if the alert is not resolved within a certain period of time.
- FraudManager also supports customizable interfaces to third-party Research & Decisioning products.
• Reports
FraudManager will provide two primary reports (both available on demand to authorized users). The first report provides information on the number of transactions processed, the number of alerts generated, along with activity indicators. Data included on this report includes:
- Number of transactions analyzed total
- Number of transactions analyzed that generated an alert
- Number of fraud alerts triggered total
- Number of fraud alerts triggered and by the rule that triggered them
- Top 5 merchants with the highest aggregate fraud alerts and the number of alerts
- Top 5 terminals/devices with the highest aggregate fraud alerts and the number of alerts
- Top 5 card numbers with the highest aggregate fraud alerts and the number of alerts
- Top 5 BINs with the highest aggregate number of fraud alerts and the number of alerts
A second report is provided to manage fraud analysts and their productivity. This report provides data that includes:
- Number of fraud alerts total
- Number of fraud alerts in queue (assigned to a Research & Decisioning analyst)
- Number of fraud alerts assigned to each Research & Decisioning analyst
- Fraud alerts outstanding (assigned to a Research & Decisioning analyst but not closed)
- Fraud alerts closed (assigned to a Research & Decisioning analyst and closed)
- Percentage of closed fraud alerts proven false positive
FraudManager enable you to:
- quick response to fraud, including card disablement, fraud alert generation and cardholder notification
- Features a wide range of packaged rules to enable rapid, out-of-the-box detection
- Rules are easy to add, modify or delete—with no service outage
- Rule changes can be audited and reversed—fraud managers can validate rule operation before turning it on in production mode
- Extensive research and decisioning capabilities, including case management, enable fraud analysts to research potential fraud and take timely action
- Standard reports, including: totals on transactions processed, alerts generated, and activity indicators; fraud analyst productivity based on alerts generated, case management load, false positive analysis and more
For more info: FraudManager (PDF)
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