Generally, when you talk to a team who handles fraud at financial institutions, fintechs, or other similar organizations, one of their biggest goals is to reduce the overall number of suspicious events that require a human in the loop to manually review
an application, transaction, or newly onboarded account.
With today’s modern automatic decisioning platforms, the vast majority of these types of events can be evaluated using complex rules and data, resulting in fast and safe approval or denial. This creates an overall superior user experience, without leaving
them waiting. It also reduces the overall amount of time and resources required by the organization to get to that next step in their customer’s journey.
However, what happens to those events that can’t be red- or green-lighted automatically by those systems? Sometimes you have a case where the data doesn’t quite add up, something seems a little fishy…but maybe not fishy enough to automatically deny. In other
cases, slightly incorrect data may be entered. And, still in others, true fraud might be happening, but the perpetrator has a new strategy that the system doesn’t quite yet recognize.
Human in the Loop
In all of these cases, you need to have a set of human eyes take a look at the information in order to determine whether the situation at hand is merely as mundane as a misspelling, or is something intentionally deceptive. This is where a strong case management
system comes into play.
In order to decide the outcome of a case, a fraud reviewer will utilize many different tools which can assist with verifying customer information, investigating related accounts or events, looking up public records, or using 3rd-party data services to provide
a clearer picture of the event.
This often leads to a reviewer having to rely on many different services, often going back and forth between browser windows and tabs, spreadsheets, internal systems, and more. It can be a time-consuming process, and as an organization grows larger, the
number of fraud reviewers required to keep up with the scaling levels of cases grows as well. A case management system can help teams become more efficient at reviewing cases and make impactful decisions more quickly.
Building a Best-in-Class System
Case management systems can consist of several major parts, including queues or lists of cases to be reviewed, detailed information about individual cases, ways to compare data between cases, actions that can be taken such as decisioning single or multiple
cases, putting certain fraudulent data on blocklists, and more.
A robust Case Management System should be built from the ground up to provide fraud case reviewers with a holistic, 360-degree view of case information and research insights, all within a single dashboard. Detailed data such as device information, geolocation
insights, related case-linking, risky and suspicious data indicators, and a vast library of 3rd-party data sources can all be utilized within the case management system to assist reviewers in making quick, accurate decisions.
Additionally, solution providers should provide teams with a flexible Case Lifecycle System, enabling cases to flow through various customizable statuses or stages before ultimately reaching that final decision. Being able to place cases “on hold” when there
is a delay, “escalated” when it requires a supervisor review, or “waiting for documentation” when a customer needs to send additional information are just a few examples of case lifecycle statuses that can be utilized within an effectiv and efficient system.
Teams also gain deeper insight into the statuses of the cases they are reviewing, creating more efficiency and visibility into the caseload.
