3 Ways Case Management Benefits Fraud Investigations

Hackers, data breaches and compromised personal information are top concerns for credit unions today. In the first six months of 2019 alone, 3,800 data breaches were reported publicly, according to the 2019 MidYear QuickView Data Breach Report. Although a majority of those data breaches had a moderate to low severity score, now, more than ever, organizations need to prioritize data security for their clients, customers and members.

While many financial institutions are going back to the basics when it comes to data security and governance, the threat should drive most businesses to have the proper measures in place if a breach happens.

In order to deliver the level of service credit unions pride themselves on, more are leveraging case-based solutions for proactively detecting possible fraud and, when fraud does occur, streamlining the investigation process in order to resolve the incident as fast as possible.

Case management solutions are great for automating processes that rely on knowledge workers to make decisions based on unpredictable, unstructured work. The right case management solution empowers knowledge workers with everything they need to manage a case – from the initial transaction or request through the final decision. By bringing together data, documents and processes in context, employees gain a 360-degree view of a specific case – equipping them with everything they need to make an informed decision.

For fraud investigations, case management allows investigators to easily log, access and interact with critical data involved within the investigation process. Leveraging a robust fraud investigation solution allows credit unions and investigators to:

• Simplify the entry, organization and reporting of information surrounding a fraudulent case;
• Provide immediate access to case files for multiple users; and
• Streamline investigation processes since information is connected in one place.

Additionally, the best fraud investigation solutions include the capability to link cases on the account or retailer level, send proactive suspicious activity report alerts and provide member self-service, all of which help ensure the investigation process is simple, the suspected fraud is resolved as quickly as possible and members’ assets aren’t at risk.

Fraud Case Linking

In this instance, a credit union can use the insights from the case management solution to link cases based on account level or fraud type. For example, if multiple fraud cases are reported from a specific retailer, a credit union can link all those cases together to get the full picture of how many people were affected and the total loss. Additionally, employees can run reports to track if there were multiple fraudulent cases within a given period for a member – triggering an alert if fraudulent cases are reported.

Proactive Alerts

Robust fraud investigation solutions include functionality to set up alerts that monitor for suspicious activity. Once an alert is triggered within the system, an automatic workflow flags the case and routes the necessary information to an investigator for review and decision. This proactivity helps credit unions deliver better service to their members by proactively monitoring their assets to stop fraud as soon as possible, before it becomes a major issue.

Improved Member Self-Service

Today, more people expect a quick and easy way to report suspicious activity. In some cases, that may mean they prefer self-service methods rather than speaking to a representative on the phone or going into a branch. To meet this expectation, credit unions are building member portals or form submission capabilities from their website, so members can initiate a fraud investigation request quickly and easily.

Once a form is submitted, the fraud investigation case management solution kicks off the investigation process, gathering all related member information needed to review the case and help employees come to a resolution faster.

When it comes to member service, credit unions are known for going above and beyond to ensure the best possible service. This is especially important in high-stress situations such as those involving identity theft or stolen credit cards. To help assist in the fight against fraud, credit unions can implement strategic technology tools to not only streamline processes, but also to become more proactive, alerting members when suspicious activity occurs. Using case management to combine all relevant information into a complete view, credit unions can assess reported fraud faster – giving members peace of mind.

Steve Comer is Director of Financial Services and Insurance Sales for Hyland. He can be reached at stephen.comer@hyland.com.