The best fraud management system should be cost effective, comprehensive, multi-layered approached (horizontal and vertical) that combines advanced technology with human expertise and aligned to the changing business environment. It should be able to detect and prevent fraud in real-time, across all channels and touch points. The system should also be able to adapt and evolve as fraudsters change their tactics. Additionally, it should be user-friendly and easy to integrate with existing systems. By leveraging machine learning and artificial intelligence, the system can continuously learn and improve its fraud detection capabilities. Ultimately, the best fraud management system is one that helps organizations protect their assets and reputation while minimizing the impact on legitimate customers.
Below are the the Characteristic of Best Fraud Management System.
- Cost-Effective – subscription-based per transaction and active portfolio for the last 6 months.
- Customer Service – the support is located in Philippines and can be contacted 24/7.
- AI Machine Learning – fast and flexible rule adjustment to counter and anticipate real time fraud and designed detection. Algorithmic designed to learn fast from previous internal fraud events and inputted external events.
- Fraud-risk-based scoring- based on the initially set rule, risk score can be generated to a particular event or transaction. Rules grow as knowledge and experience grows.
- Collaboration-enabled- with process flow for collaboration and allows multiple login of different level of users.
- Dash-boarding – with ready-made and customizable reports in different level of granularity and aligning to the role of the user and reader.
- Integration-ready – the system can be linked via API in the existing systems and future tools.
- Digital Sweeping – user, event and application can be swept and traced in the internet and validate footprints.
These characteristics may not be found equally solid in the on-shelf products. Development and customization is advisable in PHL Market. OpsRiskExcellence.com and Pursuers Technology can developed this system with immediate and long term results.