Optimizing Banking Fraud Investigations to Save Time and Money
In the ongoing battle against financial fraud, banks are seeking ways to streamline their investigations and reduce the time and resources invested in each case. A recent report highlights the importance of optimizing banking fraud investigations, emphasizing that even low-value fraud can add up if it’s repeated.
The Investigation Process
The investigation process typically involves six steps:
- Detecting suspicious activity
- Verifying the authenticity of transactions
- Identifying the type of fraud attack
- Determining the impact on the bank
- Updating fraud detection and prevention systems
- Submitting a Suspicious Activity Report (SAR) to authorities
Optimizing Investigations with Specialized Software
To optimize their investigations, banks are turning to specialized software that can help manage cases, prioritize workloads, and escalate high-priority cases to the right investigators. Alert scoring systems can also prioritize cases based on risk level, allowing banks to focus on the biggest threats first.
Transaction Monitoring Solutions
In addition to these tools, some banks are investing in transaction monitoring solutions that can detect potential fraud before it occurs. By identifying suspicious activity early, these systems can help mitigate the need for investigations altogether and prevent losses.
Benefits of Optimizing Banking Fraud Investigations
The benefits of optimizing banking fraud investigations are clear:
- Reducing the time and resources invested in each case
- Freeing up staff to focus on higher-priority tasks
- Minimizing financial losses
As the report concludes, “Investigating cases and investing resources into strategies and systems for detecting and preventing these attempts in the future can be a great allocation of resources.”
Unit21: The Solution for Optimizing Banking Fraud Investigations
To learn more about how Unit21’s case management software and transaction monitoring solutions can help optimize your bank’s fraud investigation process, schedule a demo today.