Handling cases for fraud prevention is costly for issuers and acquirers, especially considering the expense of creating and processing cases. We aim to help you improve the quality and efficiency of this process by introducing automatic risk case creation.
For many financial institutions, simply declining a transaction is not enough. A full investigation is often required, which includes creating a risk case, documenting details, assigning responsible personnel, gathering additional information from the client, and managing the follow-up actions in a unified interface.
Previously, processing risk transactions was more complex, slowing decision-making. The Way4 Faster Fraud Prevention (FFP) update enables faster and more effective investigation of fraud cases and better prevention of future risks.
The latest enhancement in Way4 FFP introduces automatic risk case creation in Way4 Case Management based on processed transactions. The system automatically generates new cases for suspicious or declined transactions in near-real time and forwards them to Way4 Case Management. This simplifies the analysis and handling of such cases, reducing response time to potential fraud.
Here we look at a situation when a case is created for a declined transaction, to see what has changed.
Before: after a transaction was declined, the data was sent to an external analytics system for further analysis and manual risk case creation. Analysts then manually integrated the data into the case management system using a complex interface and assigned investigative actions, which increased the processing time and required additional resources.
Now: according to the client’s rules, Way4 FFP automatically creates a risk case, including all necessary transaction data and risk assessment results. Cases can be created as part of existing rules or through dedicated rules specifically configured for risk case creation. Using Way4 Risk Management Workbench with its integrated Way4 Case Management, tasks can be instantly assigned to staff, all investigation steps can be documented, and, if necessary, contact with the client can be made promptly. This saves time, eliminates data duplication, and ensures full compliance with internal control requirements.
Now, Way4 Faster Fraud Prevention users gain significant advantages thanks to the integration of automatic case creation into the case management system. Clients can easily manage investigations and assign actions within a unified interface, simplifying the risk management process and reducing operational costs.