It may seem counterintuitive that focusing on centralizing your fraud case management functions can lead to better fraud detection.  In conversations with fraud professionals they often mention when evaluating a fraud detection solution they focus much of
their attention on how well the system detects fraud and user experience.  This approach makes a lot of sense. 

However we are seeing a shift in the market.  As new and incumbent fraud detection systems continue to be used side by side, some leading firms are looking at having one fraud case management system.  This allows for all of the events and alerts from the
various detection systems to be managed and resolved in centralized manner. 

This allows fraud professionals to assess and choose the best fraud detection systems regardless of their UI and case management capabilities.  In addition, firms can use the best analytical tools on the market without sacrificing user experience. 

An additional benefit is that this allows fraud departments to focus on one case management system and unify the user experience.  This allows firms to reduce manual activities at one source rather than having different levels of automation and enrichment
within the various detection systems.  One example is a global bank that leveraged automation to realize a 75% reduction in the time required to resolve investigations. 

Line of Sight Across Multiple Detection Systems

As financial institutions have numerous channels cobbled together from various mergers and acquisitions detection has been focused on each silo.  While this has provided good results for the respective channel, financial institutions struggle to have a consolidated
or holistic customer view of the potential risk being posed.  An additional challenge is that various detection vendors have varying degrees of automation and enrichment that help enable fraud investigations to make better and faster decisions. 

Another benefit of a unified case management system is prioritization and smart routing of events, alerts, etc. from the various detection channels.  This allows the case management system to direct the work items to the investigators that are best suited
for its complexity, risk, among other factors. 

Control in Uncertain Times

Given fraud rates have greatly increased during the pandemic and the uncertainty in the economic environment, many firms are being asked to do more with the same or less staffing levels.  By automating as many manual processes as possible and centralizing
fraud detection output from various systems allows for fraud units to better identify and stop fraud at lower operational costs.