Fraud transaction management

Robert Molloy
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Robert Molloy: IBM Global Business Services, USA

Journal of Payments Strategy & Systems, 2008, vol. 2, issue 3, 311-318

Abstract: Transaction management solutions to prevent payment fraud are usually segregated and distributed across internal lines of business at most financial services institutions. This distribution of data insight dilutes and weakens an organisation's ability to deal with the problem quickly, efficiently and cost effectively. Inside those silos, the problem can be compounded by product-specific and channel-specific fraud transaction management solutions that are not designed to work with each other. The combination can lead to fragmented fraud alerts, duplication of data, personnel costs and solution expense, as well as high and unnecessary information technology (IT) overheads. Banks especially understand the value of dealing with payments-related fraud holistically, but presume that a comprehensive response requires an enterprise risk-management system — an often costly and time-consuming venture. In fact, putting an effective payments-fraud solution in place may only require tying together disparate internal and external data at the appropriate level of the business, a strategy that can be facilitated by integrating two key components — a common composite investigative case management system and an improved entity recognition function — into an organisation's existing IT infrastructure. The result can reduce investigation time, enhance prevention and offer a competitive advantage through greater efficiency and productivity.

Keywords: payment fraud; cross-channel fraud; enterprise risk; investigative cash management (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2008
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