The Fraud Management Hub
It seems impossible to apply the phrase “too much information” to fraud detection. After all, the more information we have on customers, transactions, banking histories, and devices, the easier it should be for financial institutions (FIs) to detect fraud. The problem is that FIs use dozens of disparate point products and solutions that produce separate outputs and alerts. For most FIs, this uncorrelated data is not quite as effective as it would be if it were viewed within one context and used together to understand risk, streamline investigations and operations. Eliminating best-of-breed point products is not the answer. Instead, FI’s can make these products work better together using an integrated platform – or fraud management hub – that can ingest all of the outputs and incorporate it into a unified detection and investigation strategy.