The evolution of technology-driven fraud solutions, such as predictive analytics, may enable companies to rethink their position on the unavoidability of fraud losses. Advancements in technology continue to drive fraud detection costs down, while simultaneously increasing efficiency. Businesses can now generate strong ROI on fraud detection.
The latest evolution of anti-fraud solutions empowers the fraud investigator to drive operational efficiency and lower labor costs in the continuous fight to tackle fraud. These solutions enable the fraud investigator to do the following:
- Better detect incidents of potential fraud by using more accurate rules to improve fraud detection precision and reduce the likelihood of false positives. This eliminates wasteful time investigating non-fraudulent incidents
- Prioritize the focus of investigations by using a risk-based approach so fraud investigators can first review potentially fraudulent transactions that have the highest risk or nominal value. This optimizes the allocation and usage of resources
- Improve decision making and assessment of fraud through an easy to view and centralized environment, as well as reducing manual tasks to gather, analyze and review information. This increases the efficiency and effectiveness of the investigators
Organizations can generate a much higher return on investment by implementing an anti-fraud solution that not only reduces time and costs, but makes better use of limited resources. Investing in a solution that helps to secure and protect an organization’s assets in a way that demonstrates clear ROI will be welcomed by executives and financial officers.
Compliance officers can also help their business make smarter decisions by providing accurate information and actionable insights to combat fraud and protect their valuable assets. This cost effective fraud solution not only helps companies reduce their fraud loss and its associated risks, but also make informative business decisions and grow their bottom line.
Source: https://www.forbes.com/sites/riskmap/2016/11/16/combatting-fraud/#2d84ec7223d8