Over the last couple of years, numerous surveys across the world have shown that organizations typically loose 6-8% of their revenue to frauds. It used to be in the the range of 3% earlier. Indeed, it has grown substantially!
Fraud Management is a mission-critical function, specially in Financial Services industry. Though array of point solutions are available, it is hard to find a solution that offers enterprise-wide fraud management capabilities. It's even more difficult to find a new generation of "real-time" system - need of today's increasingly real-time businesses!
Best practice enterprise fraud management goes beyond point solutions - provides holistic, layered solution that is integrated with enterprise's people, policy and processes. It provides fraud detection, complete incident alert, automated risk analysis, policy management, and case management - across channels and business unit silos - preventing frauds across the enterprise - in real-time - while simultaneously providing an enterprise-wide unified dashboard view of frauds. It also similarly provides single view of customer - across channels, devices, accounts and business unit silos.
In addition, enterprise fraud management should support business process management so as to integrate with other control processes and tools within the enterprise, and if required extended enterprise.
Enterprise fraud management system should be capable of monitoring across channels and business unit silos - in real-time. It should be capable of providing multi-layered transaction security including phishing & identity protection; and managing both external and internal frauds including online frauds, cross-channel frauds, cross-system frauds, multi-vector frauds, multi-dimension frauds, branch banking frauds, ATM frauds, payment card frauds, data-loss frauds, etc. Superior Financial Crime Management system also supports real-time AML. In addition, system should also be capable of immediately and easily addressing new and emerging threats.
An ideal Enterprise Fraud Management system is built on a "single solutions platform" that is quick to integrate with; where complex fraud patterns involving multiple channels and business units can be easily and graphically modeled; which is fully configurable; provides unified dashboard - both strategic and operational; and one that delivers ultra low-latency response - for real-time enterprise-wide fraud prevention.
One needs to be aware and be careful though - "traditional" enterprise fraud management systems are based on expensive data warehousing, and focus on "post-facto" analytics to discover and manage frauds. New generation system, like ReadiONE, eliminates the need of data warehousing and provides "real-time" enterprise fraud prevention, by using advance data-in-motion and data-in-cache techniques.
In addition, a trend being pioneered by ReadiMinds is to deliver both "risk & opportunities" solutions on a single ReadiONE platform. This allows both Enterprise Fraud Management as well as Real-Time Cross/Up-Sell - reduction of risk and increase of revenue - on the same platform.
This way, ReadiONE, apart from Financial Crime, Security, Risk & Compliance Management, also allows business units to leverage "real-time" business intelligence for business benefits - by allowing to easily and graphically model specific "opportunity" patterns and corresponding response rules/policies, towards achieving specific business goals.
This flexible approach leverages current investment and drives down the total cost of ownership - while enabling customers to update both, their financial crime risk, and business opportunity strategy, to keep pace with changes in their business and industry.
About ReadiMinds' ReadiONE: ReadiONE is a Financial Crime, Security, Risk & Compliance Management platform. One can start at a very low price-point, opting for, say, only integrated identity and phishing protection - and adding more solutions like multi-layered cross-channel fraud prevention, AML, data-loss fraud prevention, risk and compliance management - and even cross/up-sell - over the period - on the same platform - as requirements grow. This strategy, more like what we all have followed with Core Banking, gives strategic business advantage, and saves millions of dollars and lots of hassle - without leaving any security gaps!
Our customers only pay for what they need, and use the "same platform" to deploy additional solutions when they need. This "single platform" approach also gives financial institutions a "holistic" view of the customer, across channels, accounts and business unit silos! This "single platform" approach also provides an unified dashboard of frauds across the enterprise.
Why wait? Ask for a POC of ReadiONE right now!
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