Card issuers and merchant acquirers often face high costs when handling fraud prevention cases, often due to the manual effort required to create and process them. To address this challenge, we have introduced automatic risk case creation in Way4 Faster Fraud Prevention (FFP), enabling institutions to improve the quality and efficiency of their fraud management processes.
For many financial institutions, simply declining suspicious transactions is insufficient. Thorough investigation is frequently required, involving these steps:
- Creating a risk case
- Documenting transaction details
- Assigning responsibilities to the appropriate personnel
- Collecting additional information from clients
- Managing follow-up actions cohesively
What’s new: automatic risk case creation in Way4
The latest enhancement to Way4 FFP introduces automatic risk case creation within Way4 Case Management. Based on processed transaction data, the system automatically generates new cases for suspicious or declined transactions in near real time and seamlessly forwards them to Way4 Case Management. This streamlines the analysis and handling of fraud cases, significantly reducing response times to potential threats.
Before-and-after overview
Before:
- Data from declined transactions was sent to external analytics systems for manual review and case creation.
- Analysts manually transferred data into the case management system via a complex interface.
- Assigning investigative actions was time-consuming, leading to delays and higher resource usage.
Now:
- Way4 FFP automatically creates a risk case with complete transaction data and risk assessment results.
- Cases are generated according to client-defined rules, seamlessly integrating with existing processes or through dedicated configurations for case creation.
- Through the integrated Way4 Risk Management Workbench and Way4 Case Management solutions, tasks are instantly assigned, investigation steps documented, and client communication initiated as needed.
- Manual efforts are minimized, data duplication is eliminated, and compliance with control standards is ensured.
